Aboki Rate: Latest US Dollar To Naira Black Market Rates Today, 28 July 2022
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, 28th July 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, July 28th, 2022, for $1 dollar to naira = ₦428.00/$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 ₦428.00/$1 on Thursday 28th July, and closed at ₦430.00 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
Meanwhile, Nigeria’s external reserves recorded its fourth consecutive decline last Friday according to nairametrics, dropping by 0.05% to stand at $39.39 billion from $39.41 billion recorded as of Thursday, 21st July 2022. The decline in the country’s external reserve could be attributed to the increased flow of FX in the official market in the past two days.
Aboki FX: Worries As Naira Crashes To N710 Against Dollar
There is a barrage of outrage currently on social media platforms after reports confirmed that the Nigerian current, the Naira has crashed further in the parallel market.
Naija News reports that the exchange rate at the peer-to-peer market depreciated significantly to a record low of N667/$1 in the early hours of Tuesday, representing a 1.72% decline compared to N655.73/$1 recorded on Monday morning.
This was the highest rate recorded in the unofficial market amid a further scarcity of forex in the market.
However, while citizens were yet done expressing their grievances over the depreciation, the nation’s currency plummet on Wednesday to N710 against the U.S. dollar on the exchange platform Aboki Forex.
A report by the Peoples Gazette showed that the current parallel market rate pegged at N710 to a dollar.
The latest development comes a year after the Central Bank of Nigeria (CBN) prohibited the sale of foreign currency to bureau de change operators.
Naija News recalls that the apex bank had previously prohibited the sale of foreign exchange to BDC operators due to their unauthorized sales of foreign exchange above the market they were authorized to serve.
The declaration despite a series of rejections has come to stay and citizens appeared to have accepted the situation in a jiffy.
Prior to the ban, BDC operators were a major black market, providing exchange rate support to those who could not formally access foreign currencies directly from the CBN.
The suspension of BDC operators’ ability to source foreign exchange from the CBN is seen as a threat to the country’s economy as it could mount further pressure on the national currency.
This article was originally published on Naija News