What is 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, 28th September 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, Wednesday, September 28th, 2022, for 1 dollar to naira = ₦436.79/$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 ₦436.79/$1 on Wednesday 28th September, and closed at ₦436.37 to $1.
US Dollar to Naira Black Market Rate Today, 28th September 2022.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 709 |
| Selling Rate | 725 |
Naija News 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
- Speculators
- Government Debt
- Interest Rates
- Inflation Rates
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.
Despite efforts made by the Organisation of Petroleum Exporting Countries (OPEC) to stabilise the cost of the commodity, the global benchmark for crude dropped in price on Sunday as virtually all oil grades witnessed reduced prices on the first day of the week.
Data obtained from the September 2022 Oil Market Report of OPEC shows that an oil rig in Nigeria was dormant in August 2022 when compared to the number of functional rigs in the preceding month.
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Industry figures seen in Abuja on Sunday showed that Brent dropped in price by $4.31 or 4.76 per cent to $86.15/barrel as of 4.18 pm Nigerian time.
WTI crude lost $4.75 or 5.69 per cent to close at $78.74/barrel, while the cost of oil grades in OPEC Basket dropped marginally by $0.24 or 0.25 per cent to close at $96.31/barrel.
The number of functional rigs in Nigeria as of August as stated in the data released by OPEC’s World Rig Count reduced from 11 in July to 10 in August.
According to the organisation, the average number of functional oil rigs in Nigeria in 2019 was 16, it, however, dropped to 11 in 2020, before eventually crashing to seven in 2021.
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