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, 16th 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 16th, 2022, for 1 dollar to naira = ₦429.88/$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 ₦429.88/$1 on Tuesday 16th August and closed at ₦430.67 to $1.
US Dollar to Naira Black Market Rate Today, 16th August 2022.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 670
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.
Cooking Gas Price Increases By 105% In 12 Months
The price of Liquefied Petroleum Gas, popularly known as cooking gas, in the last twelve months has increased by 105 per cent.
According to Punch, 5kg which was sold for N2200 in August 2021 had increased to N4500 in August 2022.
This affirmed that the price of cooking gas with in that period had increased by 105 per cent.
The increase in the price of cooking gas has also affected other deregulated petroleum products such as kerosene and diesel.
The products within a year have also recorded significant spikes.
The price of kerosene which is widely used by Nigerians has increased to N800 per litre.
The price of diesel continues to maintain an all-time high of between N750 to N800.
According to the all items index of the latest Commodity Price Index (inflation report), the highest increases were recorded in prices of gas, followed by liquid fuel, solid fuel, garments, passenger transport by road, cleaning, repair and hire of clothing as well as passenger travel by air.