US 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, 14th 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, Friday, August 12th, 2022, for 1 dollar to naira = ₦429.67/$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 ₦429.67/$1 on Friday 12th August and closed at ₦429.67 to $1.
The Pres 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.
Nigerians Paid ₦653.7 Million As Ransom In One Year – Report
A new report by a security and political research firm in Lagos shows that about ₦653.7 million was paid as ransom in a year between July 2021 and June 2022 to release those who were kidnapped.
A report titled ‘The Economics of Nigeria’s Kidnap Industry’, conducted by SBM Intelligence and published in August detailed Nigeria’s security issues including the problem of incidents of banditry and the costs associated with kidnapping for ransom.
The report said that at least 500 abduction cases were recorded and 3,420 people were kidnapped across Nigeria, while 564 others were killed in the violence.
Research has confirmed that, in the first six months of this year alone, at least 2,539 people have been kidnapped in the country, and huge ransoms have been paid by the public.
The security report also stated that ₦6.531 billion ($9.9 million) was requested as ransom in the year but ₦653.7 million ($1.2 million dollars) was paid as ransom for the release of the abducted persons.