Dollar to Naira: Aboki Exchange Rate in Nigeria Today 7th June 2023

Dollar to Naira Aboki Exchange Rate in Nigeria Today – 7th June 2023

Discover the current Dollar to Naira black market exchange rate in Nigeria for today’s date. You can find the black market rate for converting dollars to Naira below. Take advantage of these rates to exchange your dollars for Naira.

Official Exchange Rates – 7th June 2023

Exchange Rate Source: GoldenNewsNg

Please note that exchange rates are subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, the current buying rate for 1 dollar is ₦747, and the selling rate is ₦750. It’s important to be aware that these rates may change (either increase or decrease) within a short span of time.

In Lagos, Nigeria, on Wednesday, June 7, 2023, the local currency (abokiFx) opened at N750.00 per $1 at the parallel market, also known as the black market. This follows the closing rate of N750.00 per $1 on Tuesday, June 6, 2023.

Factors Influencing Foreign Exchange Rates

Several factors contribute to the fluctuation of the dollar-to-naira exchange rate. Here are some of the key influences:

1. Inflation Rates: Inflation has a direct impact on black market exchange rates. When the Nigerian economy stabilizes and inflation is controlled, the value of the naira improves. Conversely, if the naira continues to depreciate, it may indicate rising costs of essential goods and daily expenses.
2. Interest Rates: Monitoring interest rates is crucial as they affect the economy. A significant rise in lending rates by banks can harm the economy, leading to a contraction and consequently causing the value of the naira to decrease.
3. Government Debt: National debt can affect investor confidence, influencing the influx of funds into the economy. Higher inflows can result in a stronger naira exchange rate.
4. Speculators: Speculators often impact the naira-to-dollar exchange rate. Their accumulation of money in anticipation of financial gains can further drive down the value of the naira.
5. Conditions of Trade: Favorable terms of trade can enhance the value of the naira against the dollar. However, Nigeria is currently experiencing a trade deficit, with many goods being imported from China, India, and various Asian countries.

Frequently Asked Questions (FAQs) About Aboki Exchange Rate in Nigeria Today

Q: How much is $1 in the Nigeria black market today? A: As of today, the dollar to Naira Aboki exchange rate in Nigeria is N750.

Q: What is the selling rate of 1 dollar to Naira? A: The current selling rate of 1 dollar to Naira is N750.

Q: How much is 1 dollar in UBA bank? A: At the official rate, the exchange rate of 1 dollar to Naira in UBA bank is ₦461.20. Please note that rates may vary.

Q: How much is $1 to Naira in the black market? A: According to GoldenNewsNg, the black market rate for $1 to Naira is N750.

Q: How much is $1 dollar in Nigeria now? A: GoldenNewsNg reports that $1 dollar in Nigeria is currently valued at N750. However, rates may change throughout the day.

Q: What is the value of $100 in the black market today? A: GoldenNewsNg reports that $100 in the black market is equivalent to N75,000 as of today’s date.

Disclaimer: GoldenNewsNg does not establish or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are sourced from various online media outlets. The rates you encounter when buying or selling forex may differ from those provided in this article. It is advisable to verify rates from reliable sources before engaging in any currency transactions.