Dollar to Naira Exchange Rate/ Black Market Rate Today, 22nd September, 2022

Dollar (USD) to Naira Black Market Rate today- 25th May 2022

How much is the Dollar to Naira Exchange rate today, 22nd September 2022? Today’s dollar to naira black market rate is between ₦700 and ₦712. You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent black market or parallel market rate.



Nigerians prefer to exchange foreign currency, particularly dollars to Naira, on the black market since the conversion rate is much higher than what the bank offers.

READ ALSO
CRYPTOCURRENCY: Binance has legally registered with Italy's financial company

On this page, you can discover all the facts and the current rate for dollar to Naira, both the CBN and the black market rate.

How Much is Dollar to Naira and the official Exchange Rate today, 22nd September 2022?
Today’s dollar to naira black market rate is between ₦700 and ₦712.

Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.

READ ALSO
Binance founder, Changpeng Zhao reacts as Bitcoin investors lose $43.3bn

The parallel exchange rate (black market rate) is always different from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.

when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the black/parallel market.

READ ALSO
30 days of Hustle - Day 6 - Meet Ajoke Iya Alagbo

Dollar to Naira Black Market Rate Today, 22nd September 2022

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 712
Buying Rate 705

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is brought under control, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.ra Buhari.





Stay Connected , follow us on: Facebook: @creebhillsdotcom, Twitter: @creebhillsblog, Instagram: @creebhills, Pinterest: @creebhills Telegram: creebhills

To place an advert/sponsored post on our site, contact us via [email protected]
Previous articleZahra Buhari Biography, Age, Husband, Income, Salary, Net Worth, and Career
Next articleI’ve wasted the last five years of my life – Barcelona forward, Dembele
Pro Blogger, Online Content Developer with over 3 years of experience

LEAVE A REPLY

Please enter your comment!
Please enter your name here