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How Much Is Dollar To Naira Today, 27th December 2022

How much is the Dollar to Naira Exchange rate at the black market and aboki fx today, 27th December 2022? See today’s Dollar to Naira exchange rate. 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.

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, 27th December 2022?

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.

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

As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.

The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.

The dollar-to-naira bank rate is the rate you use 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 on the black/parallel market.

Dollar to Naira Black Market Rate Today, 27th December 2022

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 750
Buying Rate 740

Euro to Naira Black Market

Today’s Euro to Naira black market rate: This is the rate at Aboki/Bureau De Change (BDC) are selling and buying The European currency (Euro) currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

Euro to Naira (EUR to NGN) Exchange Rate Today
Buying Rate 770
Selling Rate 785

Pounds to Naira Black Market

Today’s Pounds to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Great British Pounds currency (Pounds) is currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.

Pounds to Naira (GBP to NGN) Exchange Rate Today
Buying Rate 915
Selling Rate 930

Rand to Naira

Today’s Rand to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Rand is currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.

Rand to Naira (ZAR to NGN) Black Market Exchange Rate Today
Buying Rate ₦31
Selling Rate ₦38

Dirham to Naira

Today’s Dirham to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Dirham is currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.

Dirham to Naira (AED to NGN) Black Market Exchange Rate Today
Buying Rate ₦155
Selling Rate ₦165

Yuan to Naira

Today’s Yuan to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Chinese Yuan is currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.

Yuan to Naira (CNY to NGN) Black Market Exchange Rate Today
Buying Rate ₦80
Selling Rate ₦90

Ghanaian Cedi to Naira

Today’s Ghanaian Cedis to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Ghanaian Cedis is currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.

Cedi to Naira (GHS to NGN) Black Market Exchange Rate Today
Buying Rate ₦65
Selling Rate ₦75

CAD to Naira Black Market

Today’s CAD to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Canadian Dollar currency (CAD) currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.

CAD to Naira (CAD to NGN) Exchange Rate Today
Buying Rate 540
Selling Rate 560

CBN Official Naira Exchange Rates

The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
12/21/2022 US DOLLAR 446.13 446.63 447.13
12/21/2022 POUNDS STERLING 540.0404 540.6456 541.2509
12/21/2022 EURO 473.3439 473.8744 474.4049
12/21/2022 SWISS FRANC 481.5738 482.1136 482.6533
12/21/2022 YEN 3.3839 3.3877 3.3915
12/21/2022 CFA 0.7006 0.7106 0.7206
12/21/2022 WAUA 593.3443 594.0093 594.6743
12/21/2022 YUAN/RENMINBI 63.9439 64.016 64.0881
12/21/2022 RIYAL 118.5885 118.7214 118.8543
12/21/2022 SOUTH AFRICAN RAND 25.7637 25.7926 25.8215

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 controlled, 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.

Fascinating Facts About the United States Dollar You Didn’t Know

You know that the United States dollar is our currency. But did you know…

-The dollar is three different denominations: the penny, nickel, and dime. The dollar is made up of 100 cents.

-The dollar was first introduced in 1792. It replaced the Spanish dollar, which was used in the colonies.

-The dollar is the most traded currency in the world.

-The dollar is also the most counterfeited currency in the world.

A Brief History of the US Dollar

Did you know that the United States dollar has quite a fascinating history? It was created in 1792 when the United States government passed the Coinage Act. This act designated the US dollar as the country’s official currency.

Since then, the dollar has gone through a few changes. For example, in 1854, the US replaced Spanish with American coins. And in 1933, President Franklin D. Roosevelt took the US off the gold standard, which meant that the dollar could no longer be exchanged for gold.

Today, the US dollar is one of the most commonly used currencies in the world. Over 60% of all international transactions are done in US dollars. So next time you spend your vacation dollars in a foreign country, you can feel confident that you’re using a currency that’s been around for a while!

Who Manages the Production of US Currency?

The United States Mint is in charge of producing the paper currency for the US dollar. It’s a governmental agency that falls under the Department of the Treasury. They’re responsible for producing not just paper money but coins as well.

It’s interesting to note that the president chooses the images for each coin and bill. The Mint then makes a prototype and submits it for review to the Treasury. After that, it enters production. As a result, every note and coin you see in use has the president’s blessing; this is why they occasionally have the president’s portrait on them.

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