
Check out the current exchange rate for Dollar to Naira at the black/parallel market on the 13th of December 2022. Get today’s Dollar to Naira exchange rate at aboki fx. You can convert your dollar to Naira based on these rates or make use of the most recent black market or parallel market rate.
Nigerians opt for exchanging foreign currency, especially dollar to Naira, in the black market due to the higher conversion rates compared to those offered by banks.
Find all the necessary information and the current rate for dollar to Naira, including the CBN and the black market rate right here.
What is the Official Exchange Rate for Dollar to Naira Today, 13th December 2022?
Note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals interested in Forex to 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 affects the Nigerian economy.
As the Naira depreciates, inflation takes over the economy, inevitably impacting the citizens. The Central Bank has emphasized the need for a significant turnaround in the Nigerian economy and has urged Nigerians to contribute to this objective, such as by increasing exports.
The black market rate for dollars is usually higher than the Central Bank of Nigeria (CBN) rate. The CBN Exchange rate is the rate at which you can buy 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 making purchases from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always more economical than those available on the black/parallel market.
Current Dollar to Naira Black Market Rate – 13th December 2022
Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
Selling Rate | 750 |
Buying Rate | 730 |
Factors Affecting Foreign Exchange Rates
The following are some of the reasons behind the declining dollar to naira exchange rate.
Inflation Rates: Inflation directly impacts black market exchange rates. A stabilized Nigerian economy and controlled inflation would benefit the Naira, but a continuous decline in the Naira’s value could signify an increase in the daily cost of essential goods.
Interest Rates: Monitoring interest rates is crucial. A rise in the interest rate at which banks lend money would negatively affect the economy, leading to contraction and subsequently, a decline in the value of the Naira.
Government Debt: National debt can influence investor confidence and consequently, the influx of funds into the economy. High inflows favor the Naira, resulting in an increase in the exchange rate.
Speculators: Naira-to-dollar exchange rates are frequently influenced by speculators who hoard money in anticipation of profit, causing the Naira to plummet further.
Trade Conditions: Favorable trade terms can boost the value of the Naira against the dollar, though Nigeria is currently facing a trade deficit. Imports predominantly originate from China, India, and several other Asian countries.
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