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, 15th 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?
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 ₦429.70/$1 on Monday 15th August and closed at ₦430.00 to $1.
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’s Inflation Rate Rises To 19.64%, Highest Figure Since 2005
The inflation rate in Nigeria hit 19.64 percent in July 2022, soaring higher from 18.60 percent recorded in the previous month.
This was disclosed on Monday in a report by the National Bureau of Statistics (NBS) in its consumer price index (CPI) report for July 2022.
The Press Nigeria understands the inflation figure reported on Monday is the highest since September 2005 and has effectively pushed more Nigerians below the poverty line.
According to the NBS report, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
The report observed that’ “on a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).
“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.”