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, 9th August 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, August 9th, 2022, for 1 dollar to naira = ₦429.58/$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 ₦429.58/$1 on Tuesday 9th August and closed at ₦428.75 to $1.
US Dollar to Naira Black Market Rate Today, 9th August 2022
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 660
Selling Rate 700
The Press Nigeria 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.
Nigeria Loses N891bn To Gas Flaring
A data released by the Nigerian Oil Spill Monitor, an arm of the Nigerian Oil Spill Detection and Response Agency, NOSDRA, on Sunday shows that Nigeria has lost N891bn to gas flaring in 18 months.
According to the data, Nigeria lost a total of N707bn in 2021 and N184bn in the first half of 2022, totaling N891bn.
According to the NOSDRA report, oil and gas companies operating in the country flared a total of 126 billion standard cubic feet, SCF, of gas in the first half of 2022, leading to a loss of $441.2 million, (about N183.54 bn) in the six-month period.
On the other hand, in 2021, about 23,862.271 barrels of oil (3,770,238.864 litres/119 tanker trucks) were spilled.
Brent International was sold for an average of $71 per barrel in 2021, bringing total revenue loss in that year to $1.7m.
The estimation put the equivalent of the volume of gas flared in the first half of 2022 to carbon dioxide, CO2 emission of 6.7 million tonnes in the oil producing areas, 4.56 per cent higher than the 120.5 billion SCF of gas flared in the second half of 2021, and capable of generating 12,600 gigawatts hours of electricity.