Today, May 22, 2024, the official exchange rate of the US dollar to the Nigerian Naira stands at ₦1,450 per US dollar. However, if you’re venturing into the black market, you’ll find the rates are a bit higher.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Black Market players buy a dollar for N1450 and sell at N1470 on Wednesday 22nd May 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today May 22, 2024
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1450 |
| Selling Rate | N1470 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1481 |
| Selling Rate | N1482 |
Check: Dollar to Naira Black Market Exchange Rate Today: May 23, 2024
Why the Sudden Drop?
Several factors contribute to this depreciation:
- Economic Policies: Shifts in government policies can significantly impact exchange rates.
- Market Sentiment: Investor confidence and market speculation often drive short-term changes.
- Global Economic Conditions: Changes in global markets, like oil prices, can affect Nigeria’s exchange rate due to its reliance on oil exports.
Also Read: Ranking: 10 African Nations with the Most Weakest Currencies in 2024
Nigerian Customs Service (NCS) Adjustments Customs Duties Price
Reflecting the Naira’s depreciation, the Nigerian Customs Service (NCS) has raised its exchange rate for import duty collections to ₦1502.1 per US Dollar. This is the highest rate in seven weeks, surpassing the previous high of ₦1572 set in late March.
Ripple Effects
- Consumer Prices: Expect higher prices for imported goods.
- Inflation: Rising costs can fuel inflation, affecting everything from groceries to electronics.
- Business Planning: Companies relying on imports face increased costs and planning challenges.
Conclusion
Understanding the dynamics of the dollar to naira exchange rate is crucial for making informed financial decisions.
Whether you’re a business owner, an investor, or just someone keeping an eye on the economy, staying updated with the latest rates and trends is essential.
