Black Market Dollar To Naira Exchange Rate Today 24th March 2023, Aboki Exchange rate has emerged.
The dollar to naira exchange rate on the parallel market otherwise known as the black market opened for exchange at the rate of ₦750 to the US Dollar (per $1).
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N760 on Wednesday 24 March 2023, according to sources at Bureau De Change (BDC).
Dollar to naira exchange rate: Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N750 |
| Selling Rate | N760 |
Meanwhile, GoldenNewsNg reports that the European Euro/Naira traded at ₦785 buy and ₦800 sell respectively in the parallel market. Similarly, the British Pound to Naira Exchange Rate is ₦915 buy, while you can sell a pound for ₦930 at the black market rate.
Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.
Official dollar to naira Exchange Rate Today
| 1 USD = 460. 48 NGN |
| 1 Dollars = 460 Nigerian Naira |
| The USDNGN rate as of 24 Mar 2023 |
WHAT IS BLACK MARKET EXCHANGE RATE IN NIGERIA?
The black market is an economic activity that takes place outside government-sanctioned channels. It is an illegal market where transactions usually occur “under the table” to let participants avoid government price controls or taxes.
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.
A black market exchange rate refers to the exchange rate of a currency that is determined through unofficial means, rather than through the official channels of a country’s central bank or government.
The black market exchange rate is typically used when there are restrictions on currency exchange, such as in countries with capital controls or in situations of political instability. In these cases, individuals and businesses may turn to the black market to exchange currency at a rate that is more favorable than the official exchange rate.
The black market exchange rate can be significantly higher or lower than the official rate, depending on the supply and demand of the currency in question.
Factors Influencing Foreign Exchange Rates
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.
Disclaimer: GoldenNewsNg does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel 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.
