What is the Dollar to Naira black market exchange rate today in October 2022? Let’s take a look at the official and black market rates today.
If you wish to buy or sell Dollar in Nigeria via commercial transactions, use this information to calculate how much you should sell or buy.
The Central Bank of Nigeria strongly frowns upon the purchase and sale of Dollars on the black market in Nigeria, which are in conflict with the Central Bank of Nigeria’s financial laws and policies.
So, all Dollar sellers and buyers are highly advised to stick to the CBN (Central Bank of Nigeria) exchange rate and take advantage of authorized dealers such as commercial banks when buying and selling.
Having said that, let’s see how much a Dollar exchanges (both buying and selling) for a Naira at the official and black market exchange rates in June 2022.
This article from Humortainment will provide you with all the information you’ll need about the Dollar to Naira exchange rate.
How Much Is Dollar To Naira Black Market Rate
Here you can always find the latest exchange rate between the Dollar and Nigerian Naira.
You can check this regularly in order to get an accurate conversion rate. In this case, the current Dollar To Naira Exchange Rate Today in the Black Market, or Aboki as it is widely known, is given below.
Dollar To Naira Black Market: Buying : 1 Dollar = ₦695 Selling : 1 Dollar = ₦710
This simply means that for every 1 Dollar you have, you will be exchanging it for ₦609, but if you have Naira and you wish to have Dollar, you will exchange ₦710 to receive 1 Dollar in the black market, or Aboki.
And like I said before, always check this spot for an updated conversion rate of the Dollar to Naira.
Nigeria Naira To Dollar Black Market Rate
As you can see right now the Dollar to naira black market exchange rate is ₦695.
Being better informed about current rates help you negotiate better and always be ahead in time each time you step your foot at the local street /exchange market
Note: the exchange rate of Dollar to naira in the Black market or parallel market is quite much different from the bank rate and the difference is something every one should be worried about which is ₦614.
Note that when ever there are intervention made by the Central Bank, there might most likely be an appreciation against the Dollar, but don’t worry we are here to cover you up by giving you the right rates as reflected on the currency market.
Naira to Dollar Black Market Rate: Buying: ₦695 = $1.0000 Selling: ₦710 = $1.0082
CBN Official Rate Of Dollar To Naira
The official rate of Dollar to Nigerian Naira exchange rate (USD–NGN) as of 28 Jun 2022:
Official Rate of Dollar = ₦414
How Much Is Dollar To Naira Today In Black Market | Dollar To Naira Today
According to our checks for today, Dollar is selling for ₦609, which means if you have Dollar, you could exchange it for just ₦695.
How Much Is Naira To Dollar Today In Black Market | Naira To Dollar Today
Naira To Dollar Black Market ₦1 = $0.0024
Convert Dollar To Naira – Official Rate
|Dollar ($)||Naira (₦)|
Convert Naira To Dollar – Official Rate
|Naira (₦)||Dollar ($)|
Current Rate Of Dollar To Naira Black Market Today 2022
|Dollar ($)||Naira (₦)|
Current Rate Of Naira To Dollar Black Market Today 2022
|Naira (₦)||Dollar ($)|
How is Dollar Currency Founded?
The United States dollar coin was originally based on the worth and appearance of the eight-dollar coin or the Spanish dollar, commonly used in Spanish America between the 16th and 19th centuries.
The United States Mint, established in 1792, issued the first dollar coins. The coins were similar in scale and composition to the Spanish dollar minted in Peru and Mexico.
The Spanish coins, the Mexican pesos, and U.S. coins traded at the same time in the United States.
After the Coinage Act of 1857, both the Spanish dollar and the Mexican peso were removed from circulation as legal currency in the U.S. The coinage of numerous British colonies was also circulated.
The first United States dollar notes were published as demand notes to fund the Civil War of 1861.
The notes were known as greenbacks because of their green color. The legal tender, called the United States Notes, was first published in 1862, and a standardized system for printing the notes was first developed in 1869.
The U.S. dollar was first established as a currency of the world in the Bretton Woods Agreement of 1944, becoming the most dominant currency in the world afterward.
It was originally traded as a coin valued by its weight in gold or silver and later traded as a paper note, which was redeemable in gold.
In the 1970s, the gold standard was removed, and the value of USD was permitted to float.
The U.S. Constitution accords the U.S. Congress the right to borrow money in the United States.
Congress exerted its authority by allowing the Federal Reserve banks to circulate paper notes.
The notes are U.S. commitments and can be exchanged in legal money on demand from the U.S. Treasury Department, in Washington City, Columbia District, or from other Federal Reserve banks.
The currencies currently printed are $1, $2, $5, $10, $20, $50, and $100. In 1946, the printing of notes higher than $100 was stopped, and their circulation was formally stopped in 1969.
Then-President Richard Nixon introduced legislation to stop the printing of the large denominations, following their increasing usage by criminal organizations and the growing popularity of electronic banking.
Though the dollar came under the gold standard de jure only after 1900, the bimetallic era was ended de facto when the Coinage Act of 1873 suspended the minting of the standard silver dollar of 412.5 grains (26.73 g = 0.8595 oz t), the only fully legal tender coin that individuals could convert bullion into in unlimited (or Free silver) quantities, and right at the onset of the silver rush from the Comstock Lode in the 1870s. This was the so-called “Crime of ’73”.
The Gold Standard Act of 1900 repealed the U.S. dollar’s historic link to silver and defined it solely as 23.22 grains (1.505 g) of fine gold (or $20.67 per troy ounce of 480 grains). In 1933, gold coins were confiscated by Executive Order 6102 under Franklin D. Roosevelt, and in 1934 the standard was changed to $35 per troy ounce fine gold, or 13.71 grains (0.888 g) per dollar.
After 1968 a series of revisions to the gold peg was implemented, culminating in the Nixon Shock of August 15, 1971, which suddenly ended the convertibility of dollars to gold.
The U.S. dollar has since floated freely on the foreign exchange markets.
Congress continued to issue paper money after the Civil War, the latest of which is the Federal Reserve Note that was authorized by the Federal Reserve Act of 1913.
Since the discontinuation of all other types of notes (Gold Certificates in 1933, Silver Certificates in 1963, and United States Notes in 1971), U.S. dollar notes have since been issued exclusively as Federal Reserve Notes.
History of Nigeria Naira (Pre-colonial – Present)
During the pre-colonial era, different cultures used a variety of items as means of exchange.
These included cowries, manilas, beads, bottles and salt amongst others.
The first major currency issue in Nigeria was undertaken sequel to the colonial ordinance of 1880 which introduced the Shillings and Pence as the legal tender currency in British West Africa.
The units of coins managed by the Bank of England were one shilling, one penny, 1/2 penny and 1/10 penny and were distributed by a private bank, the Bank for British West Africa till 1912.
From 1912 to 1959, the West African Currency Board (WACB) issued the first set of banknotes and coins in Nigeria, Ghana, Sierra Leone and the Gambia.
The highest banknote denomination was one pound, while the one shilling coin was the highest coin denomination.
On 1st July, 1959 the Central Bank of Nigeria (CBN) issued Nigerian currency banknotes, while the WACB-issued banknotes and coins were withdrawn.
It was not until 1st July, 1962 that the currency was changed to reflect the country’s republican status.
The banknotes which bore the inscription, ’FEDERATION OF NIGERIA‘, now had, ‘FEDERAL REPUBLIC OF NIGERIA’, inscribed at the top.
The notes were again changed in 1968 following the misuse of the currency banknotes during the civil war.
Sequel to the decision by the government to change from the metric to decimal, the name of the Nigerian currency was changed in January, 1973.
The major unit of currency which used to be £1 ceased to exist and the one naira which was equivalent to ten shillings became the major unit, while the minor unit was called the kobo; hundred of which made one naira.
On 11th February 1977, a new banknote with the value of twenty naira (₦20) was issued.
It was the highest denomination introduced at the time as a result of the growth of the economy; the preference for cash transactions and the need for convenience.
The banknote was the first in Nigeria to bear the portrait of a prominent Nigerian citizen, the late Head of State, General Murtala Ramat Muhammed (1938-1976) who was the torch bearer of the Nigerian Revolution in July, 1975.
The note was issued on the 1st anniversary of his assassination as a fitting tribute to a most illustrious son of Nigeria. He was declared a national hero on 1st October 1978.
On 2nd July, 1979, new currency banknotes of three denominations, namely ₦1, ₦5 and ₦10 were introduced.
These notes were of the same size i.e. 151 X 78 mm as the ₦20 note issued on 11th February, 1977.
In order to facilitate identification, distinctive colours were used for the various denominations.
The notes bore the portraits of three eminent Nigerians, who were declared national heroes on 1st October, 1978.
The engravings at the back of the notes reflected various cultural aspects of the country.
In April 1984, the colours of all the banknotes in circulation were changed with the exception of the 50 Kobo banknote to arrest the currency trafficking prevalent at the time. In 1991, the 50K and ₦1 were both coined.
In response to the expansion in economic activities and to facilitate an efficient payments system, the ₦100, ₦200, ₦500 and ₦1000 banknotes were introduced in December 1999, November 2000, April 2001 and October 2005 respectively.
On 28th February, 2007, as part of the economic reforms, ₦20 was issued for the first time in polymer substrate, while the ₦50, ₦10 and ₦5 banknotes; as well as ₦1 and 50K coins were reissued in new designs, and the ₦2 coin was introduced.
On 30th September, 2009 the redesigned ₦50, ₦10 and ₦5 banknotes were converted to polymer substrate following the successful performance of the ₦20 (polymer) banknote.
Thus, all lower denomination banknotes were now printed in the polymer substrate.
Finally, the CBN, as part of its contribution towards the celebration of the nation’s 50th anniversary of Nigeria’s Independence and 100 years of its existence as a nation, issued the ₦50 Commemorative polymer banknote on 29th September, 2010; and the N100 Commemorative banknote on 19th December, 2014 respectively.
What Is The Real Meaning Of Exchange Rates?
Exchange rate, the value of one country’s money against another country’s money. For example, Dollar to Naira, Euro to Dollar, and so on.
The exchange rate is “fixed” when the countries use gold or another agreed standard and each currency is worth a certain size of the metal or other standard.
Exchange rates “float” when supply and demand or speculation drives up the exchange rate (unit conversion).
When a country imports large quantities of goods, demand increases the exchange rate for that country, making the imported goods more expensive for buyers in that country.
When goods become more expensive, demand falls and money in this country becomes cheaper than money in other countries.
Then the country’s goods will become cheaper for buyers abroad, demand will grow, and exports from that country will increase.
What Affects The Exchange Rate Of Dollar To Naira
In a flexible exchange rate system, exchange rates may change on a daily basis, but in very small amounts, often less than a penny.
However, important economic factors such as changes in government or business decisions can affect exchange rates.
This is exactly the reason why Dollar to Naira exchange rate is always fluctuating.
Dollar To Naira Bank Rate Today
Dollar To Naira Today: $1 = ₦414
Dollar To Naira – Access Bank Exchange Rate Today
Dollar To Naira – Access Bank Exchange Rate Today is ₦415
Dollar To Naira – First Bank Exchange Rate Today
Dollar To Naira – First Bank Exchange Rate Today is ₦414
Dollar To Naira – Guarantee Trust Bank (GTB) Exchange Bank Rate Today
Dollar To Naira – Guarantee Trust Bank (GTB) Exchange Bank Rate Today is ₦417
Dollar To Naira – UBA Bank Exchange Rate Today
Dollar To Naira – UBA Bank Exchange Rate Today is ₦414
Dollar To Naira – Zenith Bank Exchange Rate Today
Dollar To Naira – Zenith Bank Exchange Rate Today is ₦415
Dollar To Naira – Wema Bank Exchange Rate Today
Dollar To Naira – Wema Bank Exchange Rate Today is ₦416
Moneygram Dollar To Naira Today
Moneygram Dollar To Naira Today is ₦450
Can I Buy Dollar From Nigeria Banks?
Yes, you can purchase Dollar from any commercial bank or bureau de exchange operator.
Previously, all registered and certified currency exchange operators could purchase Dollar directly from CBN, but unfortunately that has changed. You can no longer purchase Dollar from Central Bank of Nigeria.
CBN recently stopped selling Dollar and other currencies to Bureau de Change operators.
Currently you can only buy Dollar from commercial banks in Nigeria.
Just go to one of the commercial banks in Nigeria such as Zenith Bank, Guarantee Trust Bank, Access Bank, First Bank, Fidelity Bank, Union Bank and United Bank of Africa. Go straight to their customer service and ask for a Dollar.
Why Can’t You Buy Dollar From CBN?
To curb unexplained profits, CBN halted selling Dollar to currency exchange operators, and as a result, they sold Dollar at exorbitant prices, which today adversely affect the stability of the Dollar to naira black market rate.
The Nigerian currency has been negatively impacted by the greed of some currency exchange operators who sell Dollar at high prices just to make money.
This suggests that only commercial banks can currently sell Dollar to individuals and businesses at a fair price.
Commercial banks sell Dollar to individuals primarily for the following purposes; Payment of medical bills abroad, payment of school fees abroad, official travel allowances and personal travel allowances.
It is always safe and cheaper to buy Dollar from commercial banks because their interest rates may not be as high as parallel market rates.
Many banks can give you a lower interest rate based on how many Dollar you buy. This method is more suitable for people who want to buy large amounts of Dollar.
Just go to one of the commercial banks in Nigeria such as Zenith Bank, Guarantee Trust Bank, Access Bank, First Bank, Fidelity Bank, Union Bank and United Bank of Africa. Go straight to their customer service and ask for an Dollar.
Also, it worth noting that some banks may not have enough Dollar cash, if you want to buy in bulk, you may need to buy some quantities from other banks to add.
Can I Receive A Dollar Into My Naira Account?
Naira bank accounts can only receive naira currency. You cannot receive Dollar into your naira account.
Dollar can only be received through an Dollar account, also called a domiciliary account, if you live in Nigeria. This is the only way to get Dollar into your bank account in Nigeria.
Although there are some ways to accept Dollar, such as Payoneer and Western Union money transfers, these are complicated to use. We recommend opening a domiciliary account instead.
So that is all you should know for now about the Dollar to Naira [OFFICIAL RATE & Black Market Today 2022].
Note this page is updated regularly, so ensure to bookmark this page and also kindly share this article.