Dollar To Naira Black Market Exchange Rate Today 16th October 2023– Aboki FX rate can be accessed on GoldenNewsNg.
Dollar to Naira Black Market exchange rate today is between N1040 and N1050.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate): The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1040 and sell at N1050 on Monday, 16th October 2023, according to sources at Bureau De Change (BDC).
Dollar to Naira (USD to NGN)Black Market Exchange Rate Today Buying Rate Selling Rate
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Central Bank of Nigeria (CBN) Naira Exchange Rates for banks
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.
1 USD = 765.93NGN1 Dollars = 765.93 Nigerian Naira The USDNGN rate as of 16 October 2023 at 8:00 AM
Factors Influencing Foreign Exchange Rate
Here are some of the causes of the dwindling dollar-to-naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favor of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
Disclaimer: GoldenNewsNg does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article
