Nigerians prefer to exchange foreign currency, particularly dollars to Naira, on the black market since the conversion rate is much higher than what the bank offers.
How much is the Dollar to Naira Exchange rate at the black markets today, 28th July 2022?
Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.
As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants.
The parallel exchange rate (black market rate) is always different from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.[irp]
The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.
The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, http://cbn.gov.ng.
The dollar to naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the black/parallel market.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 710
Buying Rate 610
Crypto might be the next option yet it’s collapsing too
We have seen a drop in liquidity for several lower-tier altcoins in the past few months. And, there has been a flight to safety in the crypto markets. That’s reflected in the price of Ethereum and Bitcoin.
But Ethereum is getting faster network effects because of its growing utility in NFTs, stablecoins, DeFi, etc. It grows quickly, but as a result, it’s always going to be more volatile. Other altcoins — like Solana and Chainlink — are starting to see more usage and increased adoption. And it’s because they’re solving real problems.[irp]
If you’re a game developer, you’re probably not going to develop directly on Ethereum right now because it’s just too expensive. Solana is not suited at this point for stablecoins because, in my opinion, it’s not stable enough. But for games, it’s good.
Once this bear market works its way through the system, you’ll see all the hard work and innovation that tends to happen in these downturns bear fruit in the next three to four years.