Dollar To Naira Black Market As At 14th May 2022




Nigerians prefer to exchange foreign currency, particularly dollars to Naira, on the black market since the conversion rate is much higher than what the bank offers.

How Much is Dollar to Naira and the official Exchange Rate today, 14th May 2022?




Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.




As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.




The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.




The dollar to naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the black/parallel market.




Dollar to Naira Black Market Rate Today, 14th May 2022

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 595
Buying Rate 570

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.






Queen Amawohttps://queenamawo.ng
I am Queen Amawo, an Engineer, Enterpreneur, Blogger, and a Web developer, i love writing quality content to readers and expose them to happenings around the world, I can not do this all by myself, help and encourage me, I will forever be grateful. Thank you for the visit

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