What is the Dollar to Naira Exchange rate at, offical CBN rate, aboki fx and the black market. How much is the Dollar to Naira exchange rate today, 27th July 2022? You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent, official CBN rate, black market or parallel market rate.
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
The official rate today, Tuesday, July 26th, 2022, for $1 dollar to naira = ₦427.30/$1.
According to the data obtained from the FMDQ, where Naira is traded officially, the exchange rate between the naira and the US dollar opened at ₦427.30/$1 on Tuesday 26th July, and closed at ₦431.00 to a $1.
US Dollar to Naira Black Market Rate Today, 27 July 2022
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
According to reports, with the further scarcity of forex in the market, the exchange rate at the peer-to-peer market depreciated significantly to a record low of N667/$1 in the early hours of Tuesday, representing a 1.72% decline compared to N655.73/$1 recorded on Monday morning. This is the highest rate recorded in the unofficial market.
Naija News reports that the US dollar to naira exchange rate changes hourly. The exchange rate fluctuates depending on the volume of dollars available and demand for it. This means the exchange rate you buy and sell the dollar could be different hours later (high or low).
Factors that could Influence Foreign Exchange Rates in Nigeria
- Conditions of Trade
- Government Debt
- Interest Rates
- Inflation Rates
Meanwhile, Nigeria’s external reserves recorded its fourth consecutive decline last Friday according to nairametrics, dropping by 0.05% to stand at $39.39 billion from $39.41 billion recorded as of Thursday, 21st July 2022. The decline in the country’s external reserve could be attributed to the increased flow of FX in the official market in the past two days.
Many Businesses May Collapse Over Energy, FX Crisis – Rewane
Nigerian economist, Bismarck Rewane has raised concerns over the rise in fuel prices in the country amid poor electricity power supply.
In a conversation with journalists over the weekend in Lagos, Rewane said many businesses are at the risk of collapse with the recent development which he described as unpalatable to firms.
The economists observed that businesses were under pressure and the margins were being compressed.
He said: “Two things are happening: one electricity supply has dropped and the price of diesel went up by 300 per cent. So, when you add the two together you will find out that there was an increase in the cost of power.
“Two, the foreign exchange availability was reduced significantly. Therefore, people became desperate to replace their inventory.
“Therefore, it is not surprising that businesses are under pressure and their margins are being compressed. The point is that with the cumulative effect of the decadence and adequate pricing, the cost of producing electricity is much more than what the tariff is giving them.”
According to him, due to the unpleasant situation witnessed by the companies, every day they produce, they gradually move closer and closer to their collapse.