Welcome to GoldenNewsNg! We provide daily updates on the dollar to naira exchange rate. Today, we present the Aboki Exchange Rate for May 17, 2023.
The Black Market dollar to naira which is also known as Aboki Dollar to Naira Exchange Rate as of 17th May 2023 :
| USD to NGN | Buying Rate | Selling Rate |
|---|---|---|
| 1 USD | ₦748 | ₦752 |
According to data released on the FMDQ Security Exchange, the official forex trading portal, the exchange rate between the Naira and the US dollar on Wednesday, May 17, 2023, was as follows: the Naira opened at ₦463.96 per dollar and closed at ₦464.67 per dollar.
Several factors can influence the Naira to Dollar exchange rate. Here are some of the key factors:
- Supply and demand: The fundamental principle of supply and demand plays a significant role. If the demand for dollars is higher than its supply, the exchange rate may increase, causing the Naira to weaken against the Dollar.
- Inflation rates: Higher inflation rates in a country can negatively impact its currency’s value. If a country experiences high inflation, it erodes the purchasing power of its currency, leading to a depreciation against other currencies like the Dollar.
- Interest rates: Interest rates set by a country’s central bank can affect the exchange rate. Higher interest rates can attract foreign investors seeking better returns, increasing demand for the currency and potentially strengthening it against other currencies.
- Economic performance: A country’s economic performance, including indicators like GDP growth, employment rates, trade balance, and fiscal stability, can influence the exchange rate. A strong and stable economy is generally associated with a stronger currency.
- Political stability: Political stability is crucial for maintaining a stable exchange rate. Political uncertainty or unrest can lead to currency volatility and depreciation.
- Foreign direct investment (FDI): The level of foreign investment in a country can impact its exchange rate. Higher levels of FDI can increase demand for the local currency, strengthening it against other currencies.
- Government interventions: Central banks and governments can intervene in the foreign exchange market to stabilize their currency’s value. They may buy or sell currencies to influence the exchange rate, either through direct interventions or monetary policy measures.
It’s important to note that exchange rates are complex and can be influenced by a combination of factors, and their interactions can be dynamic and interrelated.