What is the Dollar to Naira Exchange rate at, offical CBN rate, aboki fx and the black market. How much is the Dollar to Naira exchange rate today, 1st 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, Monday, August 1st, 2022, for $1 dollar to naira = ₦428.63/$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 ₦428.63/$1 on Monday 1st August, and closed at ₦428.88 to a $1.
US Dollar to Naira Black Market Rate Today, 27 July 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 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.
A report by the National Pension Commission (PenCom) says assets under the Contributory Pension Scheme rose by N842.73bn in the first half of 2022 to hit N14.27tn as of the end of June.
The commission made this know in its ‘Unaudited report on pension funds industry portfolio for the period ended 30 June 2022; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions @CBN & legacy funds).
Data from the report showed that N9tn of the total funds was invested in Federal Government securities, comprising bonds and treasury bills.
Other investment portfolios where the funds were invested include domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds, corporate infrastructure bonds, corporate green bonds, and supranational bonds.
According to PenCom, the total number of RSA holders stood at 9,795,957 during the period under review.
The Pension Reform Act, which led to the CPS, was inaugurated in 2004. It provides a contributory arrangement in which the employer and employee contributions to the workers’ RSAs.
The funds which are kept by the Pension Fund Custodians are managed by the Pension Fund Administrators.
This article was originally published on Naija News