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Black Market Dollar to Naira Today 16th July 2023 ( Aboki Exchange )

Enudi Golden by Enudi Golden
July 16, 2023
in business, Headline
Reading Time: 2 mins read
Dollar to Naira Black Market Rate Today 20 September 2023
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Black Market Dollar to Naira Today 16th July 2023, can be accessed on GoldenNewsNg.

Are you interested in know  Dollar to Naira black market exchange rate today? See the black market dollar to naira exchange rate today below. You can swap your dollar for naira at these rates but note that the exchange market fluctuates.

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Latest NPower & NASIMS News Today – 27th September 2023

Dollar to Naira Today CBN & Black Market Rate 27 September 2023

GoldenNewsNg has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

The local currency (abokiFx) opened at N805 per $1 at the parallel market otherwise known as the black market, today, Sunday, 16th July 2023 in Lagos Nigeria, after it closed at N810 per $1.

 

Aboki Exchange Rate in Nigeria today 16th July 2023

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦805
Selling Rate ₦810

 

 

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.

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