Black market dollar to naira exchange rate today 16th April 2023 can be accessed below.
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 ₦742 and the price can change (high or low) within hours.
GoldenNewsNg reports that the Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).
Black market dollar to naira exchange rate for Sunday, April 16 goes for [N737 to buy and N742 to sell].
Lagos parallel market (black market dollar exchange rate today: $1 dollar to naira today black market)- Aboki dollar rate
The local currency opened at N742.00 per $1 at the parallel market otherwise known as the black market, today, Sunday, 16 April 2023, in Lagos Nigeria, after it closed at N743.00 per $1 on Friday, 14 April 2023.
How much is dollar to naira today in black market?: Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦ 737 |
| Selling Rate | ₦ 742 |
On Sunday, 16th April 2023, the dollar to naira exchange rate opened at ₦742 per $1 in the parallel market, also known as the black market, according to Newsone Nigeria. However, it is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, and has directed individuals in need of forex to approach their bank. The CBN insists that the I&E window is the only recognized exchange.
GoldenNewsNg further reported that on Friday, 14th April 2023, players in the black market bought a dollar for ₦739 and sold for ₦743. The previous week on Monday, 10th April 2023, the USD started at ₦746 in the parallel market, after opening at ₦745 on Monday, 3rd April 2023.
Several factors influence the foreign exchange rates, including inflation rates, interest rates, government debt, speculators, and conditions of trade. Inflation directly impacts black market exchange rates. If inflation is controlled, the naira will benefit, but if it continues to rise, the naira may fall further. Changes in interest rates can also affect the economy, causing it to contract and leading to a fall in the value of the naira.
National debt can also affect investor confidence and the influx of funds into the economy, which can lead to changes in exchange rates. Speculators can also impact the naira-to-dollar exchange rate by stockpiling money in anticipation of a gain, causing the naira to fall even lower.
Favorable trade terms can increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Most goods are imported from China, India, and other Asian countries.
It is essential to note that GoldenNewsNg does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC, and parallel market rates are obtained from various sources, including online media outlets. Thus, the rates at individuals buy or sell forex may differ from those captured in the article.
