GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

Dollar To Naira Black Market Exchange Rate Today 5th Feb 2023

Enudi Golden by Enudi Golden
January 11, 2024
in business, Featured, Headline
Reading Time: 5 mins read
Dollar to Naira Black Market Exchange Rate Today 4th September 2023 (Aboki FX)
99
SHARES
Advertisements

Dollar To Naira Black Market Exchange Rate Today 5th Feb 2023: The value Naira and the US Dollar today is N753 and sold at N757 as of the time of filing this report. Although the exchange rate can fluctuate frequently and is affected by a range of economic, political, and market factors. that is why we bring you, an updated dollar to naira exchange rate today 5th of February 2023 and on daily basis. 

How much is the Dollar to Naira Exchange rate at the black market and aboki fx today, 5 February 2023? See today’s Dollar to Naira exchange rate. You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent black market or parallel market rate.

Nigerians prefer to exchange foreign currency, particularly dollar to Naira, on the black market since the conversion rate is much higher than what the bank offers.

READ ALSO

What is the 2025 JAMB Cut-Off Mark for UI

Federal Govt Disburses N2.1bn Conditional Cash Transfer in Akwa Ibom – Check Your State

Black market dollar to naira exchange rate today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 753
Buying Rate 757

CBN Official Naira Exchange Rates

The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
2/1/2023 US DOLLAR 460.04 460.54 461.04
2/1/2023 POUNDS STERLING 567.1833 567.7998 568.4162
2/1/2023 EURO 501.2596 501.8044 502.3492
2/1/2023 SWISS FRANC 502.2271 502.7729 503.3188
2/1/2023 YEN 3.5461 3.55 3.5538
2/1/2023 CFA 0.7405 0.7505 0.7605
2/1/2023 WAUA 619.6505 620.3239 620.9974
2/1/2023 YUAN/RENMINBI 68.2199 68.2945 68.3691
2/1/2023 RIYAL 122.5858 122.719 122.8523
2/1/2023 SOUTH AFRICAN RAND 26.5564 26.5853 26.6142

How Much is Dollar to Naira and the official Exchange Rate today, 5 February 2023?

Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.

The parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.

As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.

The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.

The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those on the black/parallel market.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 753
Buying Rate 757

CBN Official Naira Exchange Rates

The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favor of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

Fascinating Facts About the United States Dollar You Didn’t Know

You know that the United States dollar is our currency. But did you know…

-The dollar is three different denominations: the penny, nickel, and dime. The dollar is made up of 100 cents.

-The dollar was first introduced in 1792. It replaced the Spanish dollar, which was used in the colonies.

-The dollar is the most traded currency in the world.

-The dollar is also the most counterfeited currency in the world.

A Brief History of the US Dollar

Did you know that the United States dollar has quite a fascinating history? It was created in 1792 when the United States government passed the Coinage Act. This act designated the US dollar as the country’s official currency.

Since then, the dollar has gone through a few changes. For example, in 1854, the US replaced Spanish with American coins. And in 1933, President Franklin D. Roosevelt took the US off the gold standard, which meant that the dollar could no longer be exchanged for gold.

Today, the US dollar is one of the most commonly used currencies in the world. Over 60% of all international transactions are done in US dollars. So next time you spend your vacation dollars in a foreign country, you can feel confident that you’re using a currency that’s been around for a while!

Who Manages the Production of US Currency?

The United States Mint is in charge of producing the paper currency for the US dollar. It’s a governmental agency that falls under the Department of the Treasury. They’re responsible for producing not just paper money but coins as well.

Interestingly, the president decides the design for each bill and coin. The Mint then creates a prototype and sends it to the Treasury for approval. From there, it goes into production. So, each bill and coin you see in circulation has been approved by the president—which is why they sometimes feature his or her portrait on them.

 

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

How to Submit Your Bank Details on NPC Portal: Simple Guide

Next Post

Can I Change my Institution or Courses three times or more in a year ? See Answer

Related Posts

What is the 2025 JAMB Cut-Off Mark for UI

What is the 2025 JAMB Cut-Off Mark for UI

What is the 2025 JAMB Cut-Off Mark for University of Ibadan (UI)?     The University of Ibadan is Nigeria’s...

Read moreDetails

Federal Govt Disburses N2.1bn Conditional Cash Transfer in Akwa Ibom – Check Your State

Federal Govt Disburses N2.1bn Conditional Cash Transfer in Akwa Ibom - Check Your State

Federal Govt Disburses N2.1bn Conditional Cash Transfer in Akwa Ibom     The Federal Government has disbursed N2.1 billion under the...

Read moreDetails

What is the 2025 JAMB Cut-Off Mark for UNILAG

JAMB Cut-Off Mark for University of Lagos

What is the 2025 JAMB Cut-Off Mark for University of Lagos (UNILAG)?   As the 2025 academic admissions cycle approaches,...

Read moreDetails

CAC to Remove Inactive Companies from Its Register

CAC to Remove Inactive Companies from Its Register

CAC to Remove Inactive Companies from Its Register  The Corporate Affairs Commission (CAC) has announced that it has begun a...

Read moreDetails

No Governor in Nigeria Will Oppose President Bola Tinubu’s re-election in 2027

No Governor in Nigeria Will Oppose President Bola Tinubu’s re-election in 2027

Kaduna State Governor, Uba Sani, has stated that it would be difficult for any Nigerian governor to oppose President Bola...

Read moreDetails

Digitvant Empowers Over 500,000 Businesses with ‘Market Monie’ Loan Initiative

Digitvant Microfinance Bank

Digitvant Microfinance Bank has revealed that its flagship loan initiative, “Market Monie,” has empowered over 505,000 businesses nationwide. This milestone...

Read moreDetails

Call for Application : Sahara Impact Fund SIF 4.0 Cohort ($30,000 Grant)

Sahara Impact Fund

The Sahara Impact Fund (SIF) is back with its fourth edition, designed to empower young African changemakers building scalable and...

Read moreDetails

GEEP Partners with PreCEFI to Empower Small Businesses

GEEP Partners with PreCEFI to Empower Small Businesses

GEEP Partners with PreCEFI to Empower Small Businesses The Government Enterprise and Empowerment Programme (GEEP) and the Presidential Committee on...

Read moreDetails

INEC Begins National-Level Training Ahead of 2027 General Elections

INEC Begins National-Level Training Ahead of 2027 General Elections

INEC Kicks Off Nationwide Training Ahead of 2027 Elections, Online Voter Registration Begins August 18 As part of early preparations...

Read moreDetails

FG Launches N10 Million Loan Support for Staff of Universities, Polytechnics, and Colleges

Morufu-Tunji-Alausa

The Federal Government has rolled out a new loan scheme for academic and non-academic staff across universities, polytechnics, and colleges...

Read moreDetails
Load More
Next Post
Can I Change my Institution or Courses three times or more in a year ? See Answer

Can I Change my Institution or Courses three times or more in a year ? See Answer

SEARCH ADS

Latest Posts

What is the 2025 JAMB Cut-Off Mark for UI
Education

What is the 2025 JAMB Cut-Off Mark for UI

Health

Cholera: 327 patients now okay, discharged from centres- Dr. Dangana

Akwa Ibom Govt Warns Against Fake Conditional Cash Grant Websit
Jobs

Govt Issues Update on New Conditional Cash Grant Website

Federal Govt Disburses N2.1bn Conditional Cash Transfer in Akwa Ibom - Check Your State
Headline

Federal Govt Disburses N2.1bn Conditional Cash Transfer in Akwa Ibom – Check Your State

JAMB Cut-Off Mark for University of Lagos
Education

What is the 2025 JAMB Cut-Off Mark for UNILAG

CAC to Remove Inactive Companies from Its Register
business

CAC to Remove Inactive Companies from Its Register

No Governor in Nigeria Will Oppose President Bola Tinubu’s re-election in 2027
Headline

No Governor in Nigeria Will Oppose President Bola Tinubu’s re-election in 2027

Digitvant Microfinance Bank
business

Digitvant Empowers Over 500,000 Businesses with ‘Market Monie’ Loan Initiative

Sahara Impact Fund
Headline

Call for Application : Sahara Impact Fund SIF 4.0 Cohort ($30,000 Grant)

GEEP Partners with PreCEFI to Empower Small Businesses
Headline

GEEP Partners with PreCEFI to Empower Small Businesses

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News