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Dollar (USD) to Naira Black Market Rate today- 28th July 2022
How much is the Dollar to Naira Exchange rate at the black markets today, 28th July 2022?
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.
How Much is Dollar to Naira and the official Exchange Rate today, 28th July 2022?
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.
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 available on the black/parallel market.
Dollar to Naira Black Market Rate Today, 28th July 2022
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 710
Buying Rate 610
Factors Influencing Foreign Exchange Rates
What is causing the dollar rate to increase rapidly?
Trade Deficit: Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
Inflation Rates: If the Nigerian economy can be stabilized and inflation is brought under control, the naira will benefit.
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.
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.
Credit: Kemi Filani News Blog.
