Black Market Dollar to Naira Today – Latest Exchange Rate for dollar to naira cbn , dollar to naira bank rate, dollar to naira black market and aboki fx can be accessed below.
Stay updated on the black market dollar to naira exchange rate today. Discover the current dollar to naira rate, fluctuations, and the impact on the Nigerian economy.
What is the dollar to naira black market rate today also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 19th October below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira black market rate today (Aboki dollar rate):
On Sunday, September 8th, 2024, individuals in the black market purchased one US dollar for N1650 and sold it for N1660.
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.
Dollar to Naira Black Market Rate Today
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1650 and sell at N1660 on Sunday, 8th September 2024, according to sources at Bureau De Change (BDC).
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1650 |
| Selling Rate | N1660 |
Dollar to Naira Bank Rate
| Dollar to Naira (USD to NGN) | Bank Rate |
| Buying Rate | N1560.44 |
| Selling Rate | N1600 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
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:
It’s crucial to note that the source of this information, GoldenNewsNg, does not set or determine forex rates. Official exchange rates are obtained from the FMDQOTC (Financial Markets Dealers’ Quotation Over-The-Counter) website, while parallel market rates (black market rates) are sourced from various outlets, including online media platforms.
To stay updated on the latest black market dollar to naira exchange rates, individuals and businesses should monitor GoldenNewsNg daily updates on dollar to naira exchange rate and other sources and exercise caution in forex transactions. Compliance with CBN guidelines and the utilization of the official I&E window is advisable for forex transactions to ensure regulatory compliance and transparency.
