Today’s Dollar to Naira Black Market Exchange rate 22nd August 2022, CBN Dollar to Naira exchange rate CBN Exchange rate 2022. Aboki Fx exchange rate and CBN warning to black market dealers.
Today 22/08/2022 is monday and many dealers out there are eager to know how the dollar to Naira market looks like and how much they should buy or sell their dollars.
While still struggling to boost the value of Naira, dollar is still taking a higher advantage of it. In recent times, Naira has experienced a huge fall against the U.S dollars.
At the moment, the Dollar to Naira, or Naira to dollar exchange rate is still fluctuating due to the fall in value of Naira arising from high demand of dollar in the parallel marketers also know as black market.
Now, let’s find out how much Dollar is exchange to Naira at black market, parallel market, CBN and at commercial banks nationwide as of today, 22 August 2022.
How much is Dollar to Naira Black Market 22nd August 2022
The black market dollar to Naira exchange rate as of today 22nd August 2022 is N690. While scanning through some website, sellers and buyers reported that they buy and sell dollar between N670 to N690.
According to their sales reports, some of them buy dollar at N670 and sell it at N690. Majority of the dealers reported from areas in Lagos, Uyo, Kano, Kaduna, Abuja, Sokoto, Port Harcourt, Enugu, etc.
Black market exchange rate breakdown for 22/08/2022
|Dollar to Naira Rates||Black Market Rate 22nd August 2022|
How Much is Dollar to Naira Today CBN 22nd August 2022?
The Central Bank of Nigeria (CBN) official dollar to Naira exchange rate as of today 22nd August 2022 is N420.4. That means that Central Bank buys dollar at N420.4 and sells as N421.4.
At the early hours of 22/08/2022, the CBN website reported on it it’s portal that the dollar to Naira exchange rate for 22nd August ranges between Four Hundred and twenty Naira, four kobo (N420.4).
Meanwhile, the exchange rate portal also reported that CBN sells 1 dollar this same day for Four Hundred and twenty one Naira, four kobo (421.4).
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 22/08/2022
|Dollar to Naira Rates||CBN Rate 22nd August 2022|
Dollar to Naira Parallel Market Exchange Rate 22/08/2022
Dollar to Naira parallel market exchange rate as reported by ngrates.com is between ₦660 to ₦665. It’s reported an average rate of ₦662.50
Meanwhile, throughout the month of August, Dollar to Naira black market rate ranges between ₦620 and ₦700 while some areas reportedly deal as high as N730 per dollar.
Interestingly, the dollar exchange rate as of today has dropping by about 1.2% when compared to how the black market dealers exchanged it in the past 7 days.
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.