Dollar To Naira Black Market Exchange Rate Today 7th August 2023 can be accessed on GoldenNewsNg.
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N885 and sell at N895 on Monday, 7th August 2023, according to sources at Bureau De Change (BDC).
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 7th August 2023
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N885 |
| Selling Rate | N895 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Central Bank of Nigeria (CBN) Naira Exchange Rates for banks
| 1 USD = 774.855 NGN |
| 1 Dollars =775.355Naira |
| The USDNGN rate as of 7th August 2023 |
GoldenNewsNg reports that the parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the USD and the Nigerian Naira significantly impacts the Nigerian economy.
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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