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Dollar to Naira Exchange Rate Today : Bank and Black Market Rate today

Dollar to Naira Exchange Rate Today : Bank and Black Market Rate today-

Today’s Dollar to Naira Exchange Rate . View the most recent and accurate dollar to naira black market rates as well as the CBN rate right now.

Since the conversion rate on the black market is substantially greater than what the bank gives, Nigerians prefer to convert foreign currencies, especially dollars to Naira on the Black market.

You can find all the information and the current exchange rate for the dollar against the naira on this page, including the CBN and black market rates.

Please be aware that the Central Bank of Nigeria (CBN) does not recognize the secondary market (black market) and has advised anybody interested in forex to first contact their local banks.

The black market (parallel) exchange rate is always different from the CBN rate.

Dollar Exchange rates on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). The rate at which you may buy or sell dollars for naira on the CBN’s website, cbn.gov.ng, is known as the CBN exchange rate.

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows:

 

Dollar to Naira Black Market Rate Today, 5th September 2022

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Selling Rate705
Buying Rate695

Dollar to Naira Black Market Rate Today, 13th September 2022

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Selling Rate710
Buying Rate695

 

Dollar to Naira Black Market Rate Today, 20th September 2022

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Selling Rate700 – 711
Buying Rate695

 

Dollar to Naira Black Market Rate Today, 27th September 2022

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Selling Rate722
Buying Rate715

 

Dollar to Naira Black Market Rate Today, 10th October 2022

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Selling Rate734
Buying Rate740

 

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands.

Dollar to Naira Bank rates Today

1 USD = 434 NGN
1 Dollars = 434 Nigerian Naira
The USDNGN rate as of 10 Oct 2022
1 USD = 434 NGN

1 1 USD = 434 Nigerian Naira

Naira to Dollar Black Markets rates Today 1 USD = 715 – 722 Nigerian Naira

How to Own a Dollar account in Nigeria

This article will give you complete information on how you can open a dollar account in Nigeria. After reading this article, you will know about the requirements for opening a dollar account in Nigeria.

We will also try to answer some questions that have been asked by people regarding how to open a dollar account in Nigeria. See the questions below;

  • How can I open a USD account in Nigeria?
  • Can I open a domiciliary account with naira?
  • How much does it take to open a domiciliary account?

What is a Dollar Account?

A dollar account is a type of domiciliary account, it is an account that enables you to receive and send money in dollars overseas. A domiciliary account is a bank account that operates mainly on a particular foreign currency other than the naira.

Who Should Open A Dollar Account in Nigeria

If you are someone that imports goods from other countries, you should open a domiciliary account. The dollar account is also for Nigerians who are planning to study abroad. If you are carrying out an online business like blogging, freelancing, etc., then you must open a dollar account to enable you receive payments or send money in dollars.

The need for Nigerians to own a dollar account is much especially with the continuous increase in the rate of dollar in Nigeria.

Requirements for Opening a Dollar Account

The process of opening a dollar account is almost the same as opening a new naira bank account in Nigeria. However, there are some requirements you need to meet in other to be able to open a dollar account.

  • A photocopy of a government-issued identity card. Example; International passport, Driver’s License, Voter’s Card, National I.D. Card, or other legitimate means of identification that are acceptable by the bank.
  • A passport photograph
  • Two reference forms that must be signed by owners of Current accounts in your bank.
  • A utility bill that carries your residential address (not older than 3 months).

How can I open a USD account in Nigeria?

Like we have written above, you need those requirements before you can be able to open a Dollar account in Nigeria. Once you have met the requirements listed above, your domiciliary bank account will be opened.

 Can I open a domiciliary account with naira?

The answer to this question depends on the bank you are opening the dollar account with and also your account officer. You are ordinarily not supposed to open a dollar account with Naira. You are supposed to buy dollar maybe from the bank or black market to use and open a domiciliary account.

However, your bank may decide to make use of the funds in your savings or current account with them to buy dollars and open your dollar account without you having to source for the dollars yourself.

Even if your bank are not doing this, your account officer may request that you come with the Naira equivalent of the required amount of dollars, he or she will  buy dollars through his or her connection for you.

How much does it take to open a domiciliary account?

Several banks do not require any amount of money to open a dollar account for you, they do this completely free. However, there are other banks that will require a minimum deposit between $50 – $200.

Ensure to find out how much your chosen bank are demanding as minimum balance for domiciliary accounts.

Can I save money in my domiciliary account?

Saving money in your domiciliary account is a very good idea especially with the continuous rise of dollar rates in Nigeria. Imagine if you had $1,000 in your domiciliary account when dollars was N290 each, that would have been a total of N290,000 as at then, but now it would have increased to over N450,000 depending on how you are selling it (official or black market).

Parents can also use their domiciliary account to save money especially for their children’s education overseas.

Dollar to Naira Black Market Exchange Rates Today Friday, 2 September 2022

How dollar price increase in Nigeria over the years

In this section, we are going to discuss the consistent increase in the price of the United States dollar in Nigeria. We will also talk about the factors that are influencing this rise.

The United States dollar has continued to rise at an alarming rate in Nigeria over the past years. This is as the Nigerian Naira has continued to depreciate in its value.

The rate at which the U.S. Dollar has increased in Nigeria over the years is shocking and there is no sign that the increase will stop anytime soon.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates:

It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is brought under control, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates:

Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt:

National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators:

Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade:

Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

How to convert dollars you have received to naira

1. International Credit Card:

This is one of the best ways to convert dollars to naira. You have to open a U.S. dollar bank account, after which you can apply for an international credit card. This is one of the best ways to convert the U.S. dollar to naira at a good rate, it is stress free and extremely safe.

Once you have received the dollars in your account, you can then proceed to withdraw them in naira. Using international credit card to convert dollar to naira will give you the current market exchange rate, it also has interbank rate benefits as well.

2. Central Bank of Nigeria:

You can easily walk into any branch of the Central Bank of Nigeria and convert your dollars into Naira. You can find the CBN branch in every state of the federation. One huge benefit you will get from converting your dollars to naira at CBN is that you will convert it at the current daily market exchange rate cheaper than other ways.

3. Commercial banks:

Almost all the commercial banks in Nigeria will convert your dollars to naira. However, you may get a slightly higher rate than what you will get at the CBN. Walking into any commercial bank in Nigeria, you will see displayed daily forex exchange rate which will give you a clue on the amount you are going to get after changing your dollars to naira.

4. Bureau de Change operators (No More)

Before now, it was possible to change dollar to naira with Bureau de Change operators, but CBN recently stopped selling dollars to  them because of their greed which made them to exchange dollars for people and companies at a very high rate, this was affecting the stability of the naira. This is why none of the Bureau de Change operators are able to change dollars to naira for now.

5: Aboki:

These are called black market foreign exchange exchangers. They constitute the parallel market in Lagos and in other major cities in Nigeria.

 

Disclaimer: HustleNg does not set or determine forex rates. The official Exchange rates are obtained from the Central Bank Of  Nigeria (CBN) Website  Rates on the parallel market (also known as the black market) are gathered from a variety of sources, including internet media publications. The exchange rates at which you purchase or sell currency may vary from those described in this article.