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, 3rd 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, Wednesday August 3rd 2022, for $1 dollar to naira = ₦427.90/$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 ₦427.90/$1 on Wednesday 3rd August, and closed at ₦429.20 to a $1.
US Dollar to Naira Black Market Rate Today, 3rd 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 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 scarcity of the United States dollar at the Central Bank of Nigeria’s official rate has seen some travellers stranded.
Nigerians planning to travel abroad are experiencing delays in accessing Business Travel Allowance (BTA), Personal Travel Allowance (PTA) and monies to pay for medicals and others.
An investigation carried out by Daily Trust shows that it is extremely difficult to access the dollar because the demand far outweighs supply, forcing some banks to extend the request period for PTA/BTA from two weeks to eight weeks.
But other sources said the CBN had tightened the processes of getting the dollar because some unpatriotic Nigerians have been abusing the process.
A source said investigations by the apex bank showed that many people had no plan to travel anywhere or to remit money abroad for legitimate purposes but yet forge papers and apply for the foreign currency only for them to hoard it or sell it at the parallel market.
Recall that the CBN had deployed an electronic Form ‘A’ to expedite applications for PTA/BTA, medicals, education and other remittances.
This article was originally published on Naija News