Nairaland is a discussion platform, you can compare it to Twitter. With the straightforward goal of being the biggest, most inclusive, and most educational discussion platform for the people of Nigeria. On this platform, you can talk about anything that catches your interest. However, in this blog post, we will be looking at dollar to naira in today’s black market Nairaland.
In addition, this is a way to estimate the actual dollar price using the local markets in Nigeria. Kindly be advised that the dollar to naira today black-market article is based on the information gathered via the Nairaland platform. To add to it, it may not totally be as written. However, I believe that the information you are about to get is going to be very helpful.
What is Black Market?
The term black market simply implies a local mode of transaction. In Nigeria, there are two major methods that one uses to exchange money. These two major methods of exchange are the bank exchange and the black-market exchange. The black-market exchange involves a local means of exchanging your money with a money trader. Most of the money traders are from the Northern part of Nigeria and they are the “AbokiFx”.
If you are seeking the current black market dollar rate exchange in Nigeria, then the information we gathered through the Nairaland platform will certainly help you.
Dollar To Naira Black Market Nairaland
The official rate today is $1 dollar to naira = 775.73/ $1. The total amount of foreign exchange exchanged on the official market was 63.05 million dollars, a decrease of 36.8% from the previous session’s total of 99.68 million dollars. We got information that the average naira to dollar exchange rate has remained at N416.69 since the start of the new year. – Nairaland 2022.
Dollar To Naira Black Market Exchange Rate
USD to NGN) The dollar to Naira’s Buying rate moment on the black market is 775.44; the selling rate is 775.73. The naira dropped to 775.73 from its initial rate. In a recent press release, the exchange rate of the peer-to-peer FX cryptocurrency request dropped by 0.22. Naira to Dollar exchange rate dropped to N706.54/$ 1 from N704.99/$ 1 trading at the same time the day ahead.
You might be interested to know that the exchange rate between the US dollar and the naira on the black request sometimes deviates greatly from the rate displayed on the website of the Central Bank of Nigeria(www.cbn.gov.ng).
The cost indicated above reflects the current currency rate between the USD and Naira. In order to keep you informed, we will regularly modernize the current rate. The exchange rate between the US dollar and the naira is the current value of the dollar.
For different banks and resemblant requests, the rate fluctuates. Naira deprecation causes frugality to witness affectation, which frequently has an impact on the crowd. Nigerians should aim toward a significant reversal in frugality, according to Godwin Emefiele, former governor of the central bank. The exchange rate for dollars on the black request, frequently known as the” AbokiFx,” generally offers high rate than the rate you get from banks. This is generally in control by the Central Bank of Nigeria (CBN).
The rate at which you can buy dollars for naira is what we call the CBN Exchange Rate. You read more about this on the CBN’s website via www.cbn.gov.ng. When using your Naira Mastercard or Debit card from Nigerian Banks to make purchases from overseas websites, you use the dollar-to-naira bank rate. These prices are frequently always less precious than those set up on the lawless request.
GTCO Reports N221.5 billion in profit Before taxes.
The audited fiscal report for Guaranty Trust Holding Company Plc (GTCO Plc) for the last time, has been made public. In a statement made recently, the group claimed that its company had submitted fiscal documents. This was submitted to the London Stock Exchange (LSE) and the Nigerian Exchange Group (NGX). This showed a profit before duty of 221.5 billion Naira.
This is down 7.0 from the 238.1 billion in December 2020. Gross gains for the holding business were also N438.6 billion, a little lower than the N452.2 billion realized in 2020. While interest charges dropped to N46.3 billion from N47.1 billion in 2020, interest income increased to N266.9 billion from N30.7 billion. Also, as foreign exchange vacuity drastically dropped, the naira lost ground against the dollar on the sanctioned request.