What is the Dollar to Naira Exchange rate at the official CBN rate, aboki fx, and the black market? How much is the Dollar to Naira exchange rate today, 18th August 2022? You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent, official CBN rate, black market, or parallel market rate.
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
The official rate today, Thursday, August 18th, 2022, for 1 dollar to naira = ₦427.00/$1.
According to the data obtained from the FMDQ, where Naira is traded officially, the exchange rate between the naira and the US dollar opened at ₦427.00/$1 on Thursday 18th August and closed at ₦429.38 to $1.
US Dollar to Naira Black Market Rate Today, 18th August 2022.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 670 |
| Selling Rate | 700 |
Naija News reports that the US dollar to naira exchange rate changes hourly. The exchange rate fluctuates depending on the volume of dollars available and the demand for it. This means the exchange rate you buy and sell the dollar could be different hours later (high or low).
Factors that could Influence Foreign Exchange Rates in Nigeria
- Conditions of Trade
- Speculators
- Government Debt
- Interest Rates
- Inflation Rates
Bureau De Change operators have cited a lack of FX and a surge in demand for the recent uncontrolled uptrend recorded in the market. In the same vein, some bank users who have FX in their domiciliary account told Nairametrics that they have not been able to withdraw their funds from the bank due to tightened liquidity.
The first seven months of 2019 and the following months till 2022 have seen mobile transactions rise by N8.981 trillion.
According to data from the Nigeria Interbank Settlement System, transactions have risen from N289.12bn to N9.27tn.
This is as the value of cheque transactions fell by 31.42 per cent, from N2.67tn in January to July 2019 to N1.83tn in the corresponding period of 2022.
The outbreak of COVID-19 saw the use of mobile payment surge from 2020, while the decline in the use of cheques also began around the time.
While the mobile transaction was witnessing a surge because of COVID, the total value of amounts cleared via cheques began to witness a decline. Within the first seven months of 2019, the value of the cheques cleared was N2.67tn, in 2020 it declined to N1.86tn, and N1.85tn in 2021, before maintaining its steady decline in 2022 at N1.83tn.
In its ‘Instant Payments – 2020 Annual Statistics,’ the NIBSS asserted that mobile devices drove electronic payment in 2020 as they accounted for 43 per cent of total transactions. It added that 35 per cent of the transactions were with USSD and 78 per cent of total transfer transactions were done using mobile devices.
