What is the Dollar to Naira Exchange rate at the official CBN rate, aboki fx, and the black market? How much is the Dollar to Naira exchange rate today, 21st September 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, Wednesday, September 21st, 2022, for 1 dollar to naira = ₦434.75/$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 ₦4434.75/$1 on Wednesday 21st September and closed at ₦436.50 to $1.
US Dollar to Naira Black Market Rate Today, 21st September 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 the 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
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.
Nigerian economists and financial experts have predicted there will be a rise in interest rates amid the recent upsurge in inflation rate in the country.
This is as the experts put the blame on the Central Bank of Nigeria (CBN), accusing the apex bank of being reluctant in raising rates when necessary.
Naija News understands that the lamentation came following a financial report which showed that Nigeria’s inflation rate rose by 20.52 percent in the month of August 2022.
The reported figure is said to be the highest since September 2005. Due to this development, there are speculations that the new figure might trigger an increased interest rate.
Meanwhile, economists have established that interest rates and inflation often follow the same direction.
Sharing his expertise with newsmen earlier, Senior lecturer and economist at Pan Atlantic University, Olusegun Vincent, said that although the CBN had been reluctant in raising rates, it was becoming almost inevitable.
“You will notice that CBN has always been reluctant to jack up the monetary policy rate, which is a reflection of our interest rate in the economy, currently 14 per cent. And we see inflation at 20.52 per cent. Also, don’t forget that the food inflation is about 23 per cent,” Vincent said in an interview with The PUNCH.
He was, however, optimistic that despite all these, the current figures do not reflect the general increase of commodities in the market.
Vincent explained that in order to combat the rising inflation, putting the interest rate on par was always the first course of action to create a balance.
This article was originally published on Naija News