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Dollar to Naira Black Market 8th August 2022 – CBN Warns

Dollar to Naira Black Market 8th August 2022 exchange rate, CBN Dollar to Naira exchange rate 2022 and CBN Warning to black market dealers. Aboki fx and the black market rate.

Still in the struggle of boosting the value of Naira! In recent times, Naira has experienced a huge difference in it’s value to the U.S dollars.

Today is Monday and I am sure many dealers out there are eager to know how the market looks like and how they should start their week in the in terms of buying and selling.

Currently, exchanging of Dollar to Naira or Naira to dollar is very inconsistent because of the fluctuating exchange rate and the activities of the parallel marketers also know as black market.

So in this piece, I am going to evaluate the current Dollar and actual dollar to Naira exchange rate as of today, 8 August 2022.

How Much is Dollar to Naira Today CBN 8th August 2022?

The Central Bank of Nigeria which is popularly known as (CBN) official dollar to Naira exchange rate as of today 8th August 2022 is N417.

At the early hours of 08/08/2022, the CBN exchange rate portal reported that the Central Bank of Nigeria (CBN) buys Dollar at Four Hundred and seventeen Naira, forty seven kobo (N417.47).

Also, the CBN exchange rate portal reported that CBN sells dollar this same day at Four Hundred and eighteen Naira, forty seven kobo (418.47).

Note: the CBN Exchange rate shown above fluctuates from time to time. For accurate and up-to-date data on the CBN dollar to Naira Exchange rate, we advise you to visit the CBN exchange rate portal via https://www.cbn.gov.ng/rates/exchratebycurrency.asp

CBN Exchange Rate breakdown for 08/08/2022

Dollar to Naira Rates CBN Exchange Rate Today 8th August 2022
Buying Rate N417.47
Selling Rate N418.47

How much is Dollar to Naira Black Market 8th August 2022

The black market (bureau de change) dollar to Naira exchange rate as of today 8th August 2022 is N645. As of today 08/08/2022, 1 dollar at the black market sells between N640 to N650.

According to the reports we are receiving, dollar is selling between N640 to N670 in some areas in Lagos, Kano, Abuja, Port Harcourt, Uyo, Enugu, etc.

Black market exchange rate breakdown for 08/08/2022

Dollar to Naira Rates Black Market Exchange Rate Today 8th August 2022
Buying Rate N640
Selling Rate N645

CBN Warnings to Black Market Dealers

The dollar Black market in Nigeria which is also known as parallel market are known for operate on a different exchange rate (unofficial and illegal rate) which is against the CBN official rate.

It’s obvious that many Nigerians have turn to exchanging their USD and other foreign currencies through the black market dealers since their rate is much higher than the official CBN and commercial bank rates.

As a result of patronizing this unofficial dealers, the rate at which dollar exchanges to naira becomes extremely high and thereby causing Naira be to devalued and this is 100% against CBN policy.

So before buying or selling dollar at the so call black market, it is advisable to bear in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market).

As such, patronizing them is against the law and such dealers may be called to book if caught going against the CBN instructions.

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