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, 29th 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, Friday, July 29th, 2022, for $1 dollar to naira = ₦428.10/$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 ₦428.10/$1 on Friday 29th July, and closed at ₦426.20 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|
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
Bureau De Change operators have cited a lack of FX and a surge in demand for the recent uncontrolled uptrend recorded in the market. In the same vein, some bank users who have FX in their domiciliary account told Nairametrics that they have not been able to withdraw their funds from the bank due to tightened liquidity.
A report issued by the Federation Account Allocation Committee (FAAC) showed there was a rise in allocation shared by federal, state and local governments in the month of June 2022.
Naija News understands that the three tiers of government shared the sum of N802.407bn in the previous month, recording a ‘big’ leap from the N681bn shared in May.
A statement made available to newsmen by the Director of Press/Information, Federal Ministry of Finance, Mrs Phil Abiamuwe-Mowete, highlighted how the fund was shared at various levels.
“From this stated amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N321.859 billion, the States received N245.418 billion, the Local Government Councils got N182.330 billion, while the Oil producing states received N52.799 billion as derivation, (13% of Mineral Revenue),” the statement noted.
FAAC had indicated shortly after its meeting on Tuesday night that the gross revenue available from the Value Added Tax (VAT) for June 2022 was N193.827 billion.
It also stated that the Federal Government got N29.074 billion, states received N96.914 billion and local government councils were given N67.839 billion.