Black Market Dollar to Naira Today 7th July 2023, Aboki exchange rate has emerged and published on GoldenNewsNg …
Dollar to naira black market exchange rate todayblack market (Aboki dollar rate):
Currency dealers in Abuja Zone 4 market, Lagos, Nigeria said a dollar was bought at the rate of ₦770 and sold at the rate of ₦775 today.
Exchange Rate of Dollar To Naira in Black Market Today?
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 770 |
| Selling Rate | 775 |
The local currency (abokiFx) opened at N770 per $1 at the parallel market otherwise known as the black market, today, Friday, 7th July 2023 in Lagos Nigeria, after it closed at N775 per $1.
IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at 770 and the price can change (high or low) within hours.
Current Dollar To Naira CBN Exchange Rate Today 7th July 2023
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 765 |
| Selling Rate | 767 |
Disclaimer: GoldenNewsNg does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC.
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 favour 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.
