Are you interested in knowing the current Dollar to Naira black market exchange rate today in Nigeria?
Then you need to read this.
Whether you are planning to go for a trip or you want to engage in importation or other businesses that have to do with dollars, you need to know about the Naira to dollars exchange rate trends.
Dollar to Naira Black Market Rate Today
The dollar to naira black market rate today is ₦860 per dollar.
This is the rate at which dollars are being exchanged for naira on the black market, which is an unofficial market where currency is traded outside of government regulation.
The black market rate is typically higher than the official rate, which is the rate set by the Central Bank of Nigeria.
The black market rate for the dollar has been rising in recent months because of several factors, including the country’s economic crisis.
The economic crisis has led to a shortage of dollars in Nigeria, which has forced people to turn to the black market to get their hands on foreign currency.
The war in Ukraine has also contributed to the rise in the black market rate, as it has led to an increase in the price of oil, which is a major export for Nigeria.
The high black market rate is causing problems for businesses and individuals in Nigeria.
Businesses that need to import goods are finding it difficult to get dollars at the official rate, which is making it more expensive to do business.
Individuals who need to send money abroad are also facing difficulties, as they must pay more for dollars.
The Central Bank of Nigeria is trying to control the black market rate by selling dollars to licensed bureau de change operators.
However, this has not been enough to bring the rate down.
The bank is also trying to encourage businesses to use the official exchange rate, but many businesses are reluctant to do so because of the high cost.
It is unclear when the black market rate for the dollar will come down.
Why is the Current Naira Exchange Rate fluctuating?
Fluctuations in the exchange rate can be triggered by various factors depending on the country.
In Nigeria, factors that affect the exchange rate in the medium to long term include external transactions, changes in domestic and foreign products price, and changes in productivity.
The exchange rate fluctuates according to the results of external transactions, such as the export and import of goods, service transactions, and capital transactions.
When the balance of payments shows a surplus, the supply of foreign exchange increases, causing the Naira-dollar exchange rate to fall.
The exchange rate is determined by the relative purchasing power that reflects changes in domestic and foreign price levels.
If the price of a bag rises from ₦1,000 to ₦2,000, the number of bags that ₦6,000 will buy will decrease from 6 pieces to 3.
There would be a decrease in the purchasing power of Naira and the value of goods.
Also, when one country’s productivity rises faster than another, the value of that currency goes up.
US dollar value increases because America’s productivity rises above Nigeria’s.
When a country’s productivity increases, it can supply goods at a lower price, which leads to a decrease in domestic prices or an increase in demand for domestic goods.
The factors that affect the exchange rate vary.
It is challenging to predict the exchange rate because the exchange rate is the relative value of a currency, and it is determined by different situations.
As exchange rate fluctuations are also linked to profit and loss, you must be vigilant while buying or selling your dollars.
As said earlier, the Naira fluctuates in value against other currencies daily.
So, we encourage you to keep checking back regularly for the real exchange rate before carrying out your online transactions.
The current Naira to dollar exchange rate should not be an obstacle to your goals.
You can get your current Naira to dollar exchange rate from banks, parallel markets (black market), or online.
Always look out for the best deals and be vigilant of online and offline exchange scammers.
We hope that this guide on the current Naira to Dollar exchange rate has helped a lot.
Kindly share your thoughts with us in the comment section.