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. 747. This website uses cookies to improve your experience while you navigate through the website. 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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. When we look at this month, USD was traded at at the beginning of this January on Monday, January 2, 2023. I Cant Believe This Nigerian Mum Finds Unexpected Items inside Childrens School Bags, Shares Video, Pray She Misses Her Period: Is a Baby Coming? Davidos Chioma Spotted Checking Menstrual Cycle Tracking App in Video, Many Ladies, UK Govt Releases List of Companies Approve To Sponsor Skilled Nigerians Ready To Relocate, Five Side Hustles for 9-5 Workers in Nigeria, How to start ecommerce business Steps Guide, CBN Releases Security Features of New Naira Notes as Fake Notes Emerge. The exchange rate between the Naira and the US dollar, according to the data posted on theCentral Bank of Nigeria (CBN)Currency Exchange Rate where forex is official. Dollar to Naira Black Market Rate Today, 26 July 2022 The local currency opened at N737.00 per $1 at the parallel market otherwise known as the black market today Thursday, 8 December 2022, in Lagos Nigeria, after it closed at N735.00 per $1 on Wednesday, 7 December 2022. Interest Rates:Another tool to keep an eye on is interest rates. Nigerians prefer to exchange foreign currency, particularly dollar to Naira, on the black market since the conversion rate is much higher than the bank offers. These rates are almost always cheaper than those on the black/parallel market. Euro to Naira Black Market Rate Today 2023 Abokifx, 5000$ Dollars to Naira Black Market Rate|Convert 5000 Dollars To Naira. The government then was only able to achieve this feet with a rigid exchange rate . How much is the exchange rate of Dollar to Naira in Black Market today? For the last 7 days, between 04/01/2023 and 11/01/2023, Canadian Dollar to Naira black market rate took values between 510 . Type above and press Enter to search. Meanwhile, the countrys President Joko Widodo has set out a vision of building out an end-to-end electric vehicle supply chain onshore by offering potential investors access to Indonesias resources of key battery metals as well as its more than 270 million consumers. Selling Rate. The First USD paper currency was printed in 1862 to solve the problem associated with shortage of coin. 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. 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US DOLLAR: 745: 740: 24 December 2022: POUNDS STERLING: 920: 910: 24 December 2022: EURO: 755: 750: Note: The rates you buy or sell forex may differ from what is captured in this article because prices vary. Please note that at this point Nigeria has multiple exchange rate such as CBN, Interbank, Bureau de Change and wire rates, what Soludo did was to harmonise this rate together, allowed certain things like medical, credit card bills. These cookies will be stored in your browser only with your consent. Our team are constantly monitoring the USD/NGN (Dollar to Naira) exchange rate and updating accordingly. document.write(new Date().getFullYear()); Canadian Dollar to Naira parallel market exchange rate is between 560 and 575 with an average of 567.50 in Nigeria today on 11/01/2023, according to 2 sell rates coming from the users in the comments section. 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. 745. The reason is the trend of future vehicles is towards the concept of saving energy and being environmentally friendly. These rates are almost always cheaper than those on the black/parallel market. If inflows are high, the naira exchange rate will rise in favour of the naira. These cookies do not store any personal information. The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). Investors King understands that the Indonesian government is aggressively encouraging the national automotive industry to develop electric vehicles. Inflation Rates:It is well known that inflation directly impacts black market exchange rates. What Should You Do to Make the Most of Your City Break? Necessary cookies are absolutely essential for the website to function properly. The Nigeria parallel market (black market dollar Aboki exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (blackmarket). January 10 dollar to naira black market exchange rate: $1 dollar to naira = 745. Methods for Getting Started with Cryptocurrency Mining, 10 Ways to Grow an Organic Instagram Presence. These cookies do not store any personal information. Interest Rates:Another tool to keep an eye on is interest rates. Speculators:Speculators frequently impact the naira-to-dollar exchange rate. The use coins are massively produced with cheap materials such as zinc, copper instead of gold and silver, this made them to have lower intrinsic value. 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. Inflation Rates:It is well known that inflation directly impacts black market exchange rates. The Dollar to Naira exchange rate seems not stable rather it fluctuates from time to time against the Naira, leading to the Naira losing most of its value. The company posted a slower revenue growth in Q4 2022 whichprompted Apple to sign a contract with Foxconns rival company Luxshare to make up for the loss of production at Foxconns factory. Does Mercy Johnson have a cancer, still alive, what happened to Mercy Johnson? Required fields are marked *, Black market dollar to naira exchange rate today 18 January 2023. The discussions also include plans for multiple factories in the country serving different functions, including production and supply chain. Government Debt:National debt can impact investor confidence and, as a result, the influx of funds into the economy. Your email address will not be published. Dollar to naira exchange rate today18th January 2023, black market ratecan be accessed below. The government plans to subsidize the purchase of electric vehicles with the aim of reaching 2.5 million EV users by 2025 and reducing air pollution by 29% by 2030. Luxsharewhich has been previously producing a small quantity of the iPhone 14 pro max model, has now taken over the major market share for the production of iPhone in China. 745. Dollar to Naira Black Market Rate Today, 11th December 2022 Factors Influencing Foreign Exchange Rates Agriculture should be encouraged mostly in the North, more also security most be provided so that farmers can return back to the farm. It means thatyou can buy or sell 1 dollar at 743 and 747, note that the price can change (high or low) within hours. Theyre responsible for producing not just paper money but coins as well. today,News Onlinereports that theCentral Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. A correspondent, who visited the ever-busy Wuse Zone 4 which is the hub of bureau de change operators in Abuja, observed that the dollar was sold for 745 as opposed to the 750 it was sold for previous. There might be slight variation at different parallel (unofficial) market. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy. Press Esc to cancel. 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. Meanwhile, in comparison, Brand News Day Nigeria reports that the USD started this week at 609 in Parallel Market also known as Black Market on Monday, May 30, 2022, in Lagos Nigeria, after it opened at 605 last week Monday, May 232022. Its a governmental agency that falls under the Department of the Treasury. prompted Apple to sign a contract with Foxconns rival company Luxshare to make up for the loss of production at Foxconns factory. The exchange rate between the naira and the US dollar appreciated on Friday morning, 30th December 2022 at the black market, trading at an average of N736/$1, a 0.27% improvement from N738/$1 recorded in the previous trading session. The local currency opened atN745.00 per $1 at the parallel market otherwise known as the black market today Tuesday, 10 January 2023, in Lagos Nigeria, after it closed at N747 per $1 on Monday, 9 January 2023. Without them it will be hard to get dollars from the bank. There are about $1.54 trillion in circulation : all over the world, there are about $1.54 trillion USD currency in circulation. (adsbygoogle = window.adsbygoogle || []).push({}); Npower Batch C Stream 2 Beneficiaries Hopes For Payment Backlog Ahead of Christmas Celebration, NASIMS Portal Login: All You Need to Know About Nasims Portal, Dangote Refinery to Commence Operations in March 2023, NASIMS Assures NPower Batch C2 Beneficiaries of Stipend Arrears Payment, NNPC Reached Agreement With Independent Oil Marketers to Address Fuel Scarcity, Wema Bank Reshuffles Management Team, Assigns New CEO, Oil Changed Marginally as U.S. Crude Oil Inventories Decline, COPYRIGHT 2022 | INVESTORS KING LTD | NIGERIA, The engineer in a recent revelation disclosed that a 2016, Taiwanese electronics company which was once Apples key manufacturing partner. As expected Coin last longer and have a lifespan of 25 years. Conditions of Trade: Favorable trade terms will lead to an increase in the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. 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