Dollar (USD) to Black Market Naira Conversion – March 30, 2022
Today, March 30, 2022, we will be reviewing the Dollar to Naira exchange rate for the black market and the official rate.
Nigerians prefer to exchange foreign currencies, especially dollars for Naira, on the black market because the conversion rate is much higher than what the bank offers.
On this page, you can find out all the facts and the current rate of the dollar to the naira, both the CBN and the black market rate.
How much is the dollar to naira and the official exchange rate today, March 30, 2022.
Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended those interested in Forex to contact their respective banks before proceeding.
The parallel exchange rate (black market rate) is always different from the CBN rate. The Naira is now trading at 580 Naira per dollar. The exchange rate between the US dollar and the Nigerian naira has a significant impact on the Nigerian economy.
As the naira loses value, inflation takes over the economy, which usually impacts the locals. The Central Bank has said that the Nigerian economy needs a major turnaround and has asked Nigerians to work towards this goal such as increasing exports.
The black market rate for dollars is often higher than that of the Central Bank of Nigeria (CBN). The CBN exchange rate is the rate at which you can buy or sell dollars for naira on the CBN dollar-naira website, cbn.gov.ng.
The dollar to naira bank rate is the rate you use when buying 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.
Black market exchange rate of dollar to naira today, 30and March 2022
|Dollar to Naira (USD to NGN)||Black market exchange rate today|
Factors influencing exchange rates
Here are some of the causes for the drop in the exchange rate between the dollar and the naira.
Inflation rate: It is well known that inflation has a direct impact on black market exchange rates. If the Nigerian economy can be stabilized and inflation 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 every day.
Interest rate: Interest rates are another tool to watch. If the interest rate at which banks lend money increases, it would hurt the economy, causing it to contract and, as a result, the value of the naira to fall.
Government debt: National debt can affect investor confidence and therefore the flow of funds into the economy. If inflows are high, the Naira exchange rate will rise in favor of the Naira.
Speculators: Speculators often have an impact on the naira-dollar exchange rate. They hoard money in anticipation of a gain, which drives the naira down even further.
Commercial conditions: Favorable trade conditions will lead to an increase in the value of the naira against the dollar, although Nigeria is currently running a trade deficit. Everything comes from China, India and most Asian countries.