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, 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 = ₦429.00/$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 ₦429.00/$1 on Tuesday 9th August and closed at ₦431.00 to $1.
US Dollar to Naira Black Market Rate Today, 9th August 2022
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
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
- 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.
The Federal Government has said that the debt servicing will cost N10.43tn by 2025, with economists saying that the rising cost of debt service can trigger a crisis for the country.
Naija News reports that the government made this known in the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper.
This is a 182.66 percent increase from the N3.69tn budgeted for debt service in 2022.
However, the Minister of Finance, Budget, and National Planning, Dr. Zainab Ahmed, and the Director General of the Debt Management Office, Patience Oniha, have insisted that the country does not have a debt problem but a revenue challenge.
In a document by the DMO DG recently obtained by the Punch, the DMO stated that high debt levels would often lead to high debt services and affect investments in infrastructure.
In the document, she stressed the need for debt sustainability, which she defined as the ability to service all current and future obligations.
She maintained the capacity to finance policy objectives without resorting to unduly large adjustments or exceptional financing such as arrears accumulation, and debt restructuring, which could otherwise compromise the economy’s stability.
It is understood that debt service gulped N1.94tn between January and April 2022, as against a retained revenue of N1.63tn.