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, 28th 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, Friday, August 26th, 2022, for 1 dollar to naira = ₦429.50/$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 ₦429.50/$1 on Friday 26th August and closed at ₦430.33 to $1.
US Dollar to Naira Black Market Rate Today, 28th August 2022.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 680 |
| Selling Rate | 690 |
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
- Speculators
- 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.
Insurance Industry’s Premium Rises 10% To N560bn
The sum of N560bn has been generated by the Nigerian insurance industry from businesses written in the 2021 financial period.
The outgoing Chairman of the Nigerian Insurers Association, Ganiyu Musa, revealed this on Thursday during its 51st annual general meeting in Lagos.
The Managing Director/Chief Executive Officer, Old Mutual Nigeria Life Insurance Company Limited, Olusegun Omosehin during the meeting emerged as the new chairman of NIA.
Musa said, “Notwithstanding these challenges, the insurance industry continues to perform its statutory role of financial intermediation and business restoration.
“The volume of business written by member companies grew from N508bn in 2020 to about N560bn in 2021, representing an increase of 10 per cent.”
Musa said the association, in collaboration with the National Insurance Commission, had embarked on various initiatives to deepen insurance penetration.
