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, 31st 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, Wednesday, August 31st, 2022, for 1 dollar to naira = ₦429.17/$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 ₦429.17/$1 on Wednesday 31st August and closed at ₦429.44 to $1.
US Dollar to Naira Black Market Rate Today, 30th 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.
FG Might Be Unable To Fund Capital Projects In 2023 – Ahmed
The Minister of Finance, Budget and National Planning, Zainab Ahmed, says the government might be unable to provide for treasury-funded capital projects next year.
She made this known on Monday in her presentation to the House of Representatives’ Committee on Finance at the hearing on the proposed 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper,
The minister stated that the reason is due to dwindling revenue and payment of subsidy on Premium Motor Spirit popularly known as petrol.
Ahmed pointed out that the country’s revenue growth targets have been affected by crude oil production challenges and the petrol subsidy deductions by the Nigerian National Petroleum Company Limited.
She said the government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year.
Ahmed said if the deficit settles at N12.41tn in 2023, the government may need to borrow to finance it, which could raise Nigeria’s total debt from N41.6tn to a record N54.01tn.
This article was originally published on Naija News