Black Market Dollar to Naira Today 9th July 2023 ( Aboki Exchange )

Black Market Dollar to Naira Today 9th July 2023, Aboki exchange rate has emerged and published on GoldenNewsNg …

The local currency opened at N790.00 per $1 at the parallel market otherwise known as the black market, today, Sunday, 9 July 2023, in Lagos Nigeria.

GoldenNewsNg reports that in the black market, the players buy a dollar for N786 and sell for N790 on Sunday, 9 July 2023. after they bought N786 and sold N790 yesterday.

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.