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, 11th 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 11th, 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 11th August and closed at ₦430.25 to $1.
US Dollar to Naira Black Market Rate Today, 11th August 2022.
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
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
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 Nigerian Ports Authority and Ports and Terminal Operators (Nigeria) Limited is allegedly under investigation for failing to remit lease and throughout fees collected between 2006 and June 2022, amounting to $68.473m to the Federal Government.
The Nigerian Ports Authority is being investigated by the Public Accounts Committee of the House of Representatives.
The committee is also investigating PTOL for allegedly using an exchange rate different from the official one approved by the Central Bank of Nigeria in calculating revenue accruing to the government.
The Office of the Auditor General for the Federation raised the issues in an audit query in the annual report presented to the National Assembly.
The Managing Director of the NPA, Mohammed Bello-Koko, had in a submission to the committee, alleged that one of the port operators in charge of the Port Harcourt port in Rivers State and PTOL used their exchange rates in calculating revenue.
Bello-Koko said PTOL used N116 to the dollar at a time when the official exchange rate was fixed at N305 to the dollar by the CBN in 2016.
The written presentation by the NPA, dated July 27, 2022, was in response to a letter from the committee.
This article was originally published on Naija News