Business & Finance

Dollar to Naira Exchange Rate at Black Market Today, 14th May 2024

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Dollar to Naira Exchange Rate at Black Market Today, 13th May 2024

What is the price of Dollar to Naira in the Black Market Today 14th May 2024?

To know the price of Dollar to Naira today in Aboki fx black market, you can go below to know the price of Dollar to Naira today

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Yesterday, May 13th, 2024, the price of Dollar to Naira in the black market, 1 US Dollar is bought for N1455, and 1 US Dollar is sold for N1470 as the dollar is traded in the black market in Lagos Parallel Market (Aboki fx).

How much is 1 dollar sold for Naira in the black market today?

Black Market Dollar to Naira Exchange Rate Today at (Aboki fx) – 14th May 2024

Buying Rate: 1 Dollar is bought for N1500
– Selling Rate: 1 Dollar is sold for N1515.

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On Tuesday, May 14th, 2024, Today, the Black Market exchange rate for Dollar to Naira is N1500, this means that for every 1 US dollar, you can get N1515 that you exchange. The black market exchange rate is now higher than the official window rate because the Federal Government is not regulating it.

Factors Affecting Dollar to Naira Exchange Rate

Several factors are affecting the Dollar Naira Black Market Exchange rate, which includes:

  • Supply and Demand: The shortest American dollar in the country will lead to an increase in demand for the Dollar, leading the dollar to rise against the dollar.
  • Value of the Dollar: The American dollar value in Nigeria is also a significant factor in making the US currency rise against the Naira since the majority of the elite in the country holds the currency.
  • Political and Economic Situation: The political landscape and the economic situation in the United States of America and Nigeria is the biggest challenge to the currency’s rise against the Naira.

Read Also: Dollar to Naira Exchange Rate at Black Market Today, 13th May 2024

Warning: Be aware that the Central Bank of Nigeria does not recognize the Black Market rate of Dollars against the Naira, as the Bank considers the black market as an illegal market.

If you want to know the Central Bank of Nigeria’s rate of Dollar to Naira, you can contact Banks to know the Rate.

CBN Dollar to Naira Exchange Rate 14th May 2024

Price of Dollar to Naira at Central Bank of Nigeria (CBN) Rate Today

The Central Bank of Nigeria (CBN) has announced the official exchange for the US dollar against the Naira today 14th May 2024. The CBN announced the buying and selling rate at the official market which is regulated by the bank. This rate can be changed anytime due to market conditions and economic factors.

How Much is 1 US Dollar to Naira Sold at CBN Rate Today?

If you want to know the price of the Central Bank of Nigeria (CBN) Official Rate, You may scroll down below to know the rate.

CBN Dollar to Naira Rate Today 14th May 2024

Buying Rate:  1 US Dollar to Naira is bought at the rate of N1456.

Selling Rate: 1 US Dollar to Naira is sold at the rate of N1457.

Read Also: Current Price of Cement in Nigeria – 14th May 2024

Economic Impact

The CBN dollar to naira exchange rate has a significant impact on the country’s economy, which affects many traders, and investments, and also leads to inflation. A strong exchange rate can lead to a boost in economic growth, while changes in the rate can lead to economic instability.

Inflation Rate

The inflation rate is still high as a result of the exchange rate is not good, with prices of goods and services increasing. But, there has been some improvement, with today’s price of petrol decreasing, from N700 to N630 per litre, while the price of rice is decreasing from N80,000 to N50,000 per bag.

Conclusion

The Central Bank of Nigeria (CBN) Dollar to Naira exchange rate for today 14th May 2024 is N1456 for buying, while the rate for selling is N1457. The rate can be subject to changes in time and has a significant impact on the Nigerian economy. The black market rate which is not regulated by the CBN is different from the official rate, and the inflation rate is still showing some changes with high but it shows some improvement despite the high rate.

Please note that the price you can buy or sell in Dollars is not necessarily the same as this, because there may be differences.

You May Also Like to Read Notcoin (NOT) to US Dollar (USD) Price Today 13th May 2024

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