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Dollar to Naira Today Thursday 4 August 2022 Exchange Rate in the Black Market

What is the current exchange rate in dollars and nairas as of Thursday, August 4, 2022? It is N630 per 1 Dollar.

How much is Dollar to Naira Today Thursday 4 August 2022 Exchange Rate in the Black Market? In Enugu, yesterday, the dollar closes in the Aboki exchange rate at N640 per $1. Today, Thursday 4th of August 2022, the dollar exchange rate at the black market is #630 per $1.

Dollar to Naira Today Thursday 4 August 2022 Exchange Rate in the Black Market. Enugu opens with N660 to $1 yesterday morning. However, Naira gained further during the day, from #660 to #630 per $1. 

Before we go on, let's brief you about the previous day's Dollar (USD) exchange rates in the black markets. How much is the dollar exchanged yesterday Wednesday, August 3, 2022, in Aboki known as the  Black market? It opened with #660 and closed at #630 per 1 Dollar.

 

Dollar to Naira Today Thursday 4 August 2022 Exchange Rate in the Black Market

Naira crashed to N710 per $1 towards July Month end at the parallel market. Hymnslab.com witnessed Dollar to Naira exchanged on the 27th of July 2022 at N730 per $1 in Enugu.

However, it has turned differently this week as Naira seems to gain massively against Dollar. Those who came to change their dollar currently at the Aboki wear heavy faces as they were told the current exchange rate.


Dollar to Naira Today Thursday 4 August 2022 Exchange Rate in the Black Market

Dollar to Naira in Black Market Today


One thing about dollar exchange at the above rate is that it is not fixed. Like last month, I had the need to change $300 USD at Aboki. The buyer told me they are buying N605 for $1. I arrived 3 hours later and sold it N609 for $1. 

Dollar to Naira Today Thursday 4 August 2022 Exchange Rate in the Black Market

How much is Dollar to Naira Today Thursday 4/08/2022? [bank rate / Aboki rate].Read also: Halima Abubakar biography, Illness, Scandals, Acting Career, Age, Tribe, Husband, Children. Dollar to Naira Today Thursday 4 August 2022 Exchange Rate in the Black Market 

Yesterday, 3rd August 2022, the black market dollar to naira exchange rate was N660 to $1 US dollar. That was in the morning. Hymnslab.com called back at the Dollar black market at Enugu last night, we were dully informed they closed at N630 per $1.

 This morning, 4th August 2022 it opens with N635 and N640 per 1 dollar!

What’s going on? Why the sudden dollar exchange fall in the black market? When should you get your dollars now and what’s the best method of converting them back into naira? Let’s take a look at how much it costs to buy one dollar in Nigeria today.

What is the black market exchange rate for the dollar to the naira? – View the exchange rate for the dollar and naira today. You can exchange your dollars for naira at these rates or at the most recent rate on the parallel or black market. Read also the Dollar Exchange rate on Thursday 28th July 2022.

Since the conversion rate on the black market is substantially higher than what the bank offers, Nigerians prefer to swap foreign currencies, especially dollars for Naira. Dollar to Naira Today Thursday 4 August 2022 Exchange Rate in the Black Market.

You can find all the information and the current exchange rate for the dollar against the naira on this page, including the CBN and black market rates.


Dollar to Naira Today Thursday 4 August 2022 Exchange Rate in the Black Market

What is the current exchange rate in dollars and nairas as of Wednesday August 3, 2022? It is N630 per 1 Dollar.


Please be aware that the Central Bank of Nigeria (CBN) does not recognize the secondary market (black market) and has advised anybody interested in forex to first contact their local banks.


The black market (parallel) exchange rate is always different from the CBN rate. The Nigerian economy is greatly impacted by the exchange rate between the US dollar and the Nigerian naira.


Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the populace. The Central Bank has called for Nigerians to work toward this objective, such as expanding exports, and has stated that the country's economy needs a substantial turnaround.


Dollar prices on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). The rate at which you can buy or sell dollars for naira on the CBN's website, cbn.gov.ng, is known as the exchange rate.

When using your Naira MasterCard or Debit card from a Nigerian bank to make a purchase on a foreign website, you use the dollar to naira bank rate. Almost always, these prices are less expensive than those on the gray/parallel market.


Here are a few reasons why the dollar to naira conversion rate is declining.

Rates of inflation: It is common knowledge that inflation has a direct impact on exchange rates on the black market. The naira will gain if the Nigerian economy can be stabilized and inflation is kept under control; however, if the naira keeps falling, it might mean that food and other needs are getting more expensive on a daily basis.


Interest Rates: Monitoring interest rates is a further strategy. A rise in the interest rate at which banks lend money would be detrimental to the economy, cause it to contract, and consequently lower the value of the naira.


Government Debt: A country's level of debt may have an effect on investor confidence and, consequently, the flow of money into the economy. If inflows are substantial, the currency rate will move in the naira's favor. Dollar to Naira Today Thursday 4 August 2022 Exchange Rate in the Black Market


Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower.

Although Nigeria is currently running a trade deficit, favorable trade conditions will improve the value of the naira relative to the dollar. China, India, and the majority of Asian nations are the source of everything.


Dollar to Naira Today Thursday 4 August 2022 Exchange Rate in the Black Market

N630 per $1.


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