Black Market Dollar to Naira Exchange Rate on 22nd July 2023

Black Market Dollar to Naira Exchange Rate on 22nd July 2023

Main Points

• What is the exchange rate from dollar to Naira in the black market today, the 22nd of July 2023.
• What you should know about the Central Bank of Nigeria’s view on the black market.
• How Nigeria’s inflation rate and the recent fuel price hike may affect the exchange rate.

What is the Dollar to Naira Rate in the Black Market Today?

Today, the 22nd of July 2023, you can find out the exchange rate from dollar to Naira in the black market at VoiceofNigeria.

This rate is also known as the parallel market rate or the Aboki fx rate. Let’s look at what the rate is today.

How Much is a Dollar to Naira in the Black Market Today?

In the black market in Lagos today, people who trade in the market (also known as market players) are buying a dollar for N855 and selling it for N865.

This information comes from the Bureau De Change (BDC), a place where people exchange different currencies.

However, it’s important to know that the Central Bank of Nigeria (CBN) doesn’t accept the black market.

They tell people who want to buy or sell foreign money to go to their banks instead.

Dollar to Naira Black Market Rate Today

Here is a simple table showing the exchange rate in the black market today:

Please keep in mind that the rates at which you buy or sell your foreign money may be different from what we show here because the prices can change.

Inflation Rate and Fuel Price Hike in Nigeria

Now, let’s talk about some things happening in Nigeria that could affect the exchange rate.

The first is the inflation rate.

The inflation rate in Nigeria has gone up to its highest point in 17 years. In June 2023, it was 22.79%.

Experts think it could get worse in the coming months.

One of the reasons for this is the increase in the price of fuel. On Tuesday, the Nigerian National Petroleum Company (NNPC) Limited (NNPCL) said that they were raising the price of petrol.

This came after President Bola Tinubu removed the fuel subsidy on May 29th.

The NNPCL Group Chief Executive Officer and Managing Director, Mele Kyari, said that the price of petrol has gone from N540 to N617 per litre because of the way the market works.

The President of the Nigerian Economic Summit Group, Laoye Jaiyeole, thinks this will cause even higher inflation.

In conclusion, the exchange rate in the black market, the views of the Central Bank of Nigeria, and the current economic situation in Nigeria are all things to keep in mind if you’re interested in the dollar to Naira exchange rate.