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, 2nd 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, Tuesday August 2nd 2022, for $1 dollar to naira = ₦427.75/$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 ₦427.75/$1 on Tuesday 2nd August, and closed at ₦430.67 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.
The Nigerian National Petroleum Company Limited (NNPC) from January to June 2022 remitted a total of $2.7bn into its accounts with the Central Bank of Nigeria (CBN).
The remittances of NNPC to CBN were revealed in a document spotted in Abuja on Sunday.
Contradicting the claims of CBN that the weakening value of the naira was caused by the non-remittance of funds into Nigeria’s foreign reverses by NNPC, the document stated that out of the $2.7bn the oil firm remitted into its CBN accounts, $645m was for dividend paid by the Nigerian Liquefied Natural Gas company Limited.
It added that $1.786bn was from the operational activities of the national oil company, which recently transited into a limited liability company.
The apex bank while reacting to the crash in the value of the naira against the United States dollar, said the non-remittance of dollars by NNPC precipitated the forex crisis.
In a report entitled, “The forex question in Nigeria: Fact sheet,” the apex bank reportedly stated that there had been “zero-dollar remittance to the country’s foreign reserve by the NNPC.”
But the document seen in Abuja on Sunday claimed otherwise, as it stated that NNPC remitted $2.7bn to CBN in the first six months of this year.
This article was originally published on Naija News