Dollar to naira black market exchange rate today 10 Nov 2021 Abokifx
Dollar to Naira Black Market Exchange Rate today. You can now check dollar to naira black market here.
Let’s take to See the current dollar to Naira exchange rate as of today. Let’s help compare the Dollar to Naira bank rate vs aboki rate.
Selling Rate 575 Buying Rate 570
Obviously, If you have just a few hundred of dollars right now in Nigeria, you are made, in fact you are a rich man .
Interested in knowing what the black market rates are in Abuja and Lagos? dealers exchanged the naira at 575
While if you want to sell 1 dollar right now, they will buy it at 570
This means that if you have 1 Dollar right now you are going to change it for 575
Previously it was reportedly sold in Southend of Nigeria, In Uyo, dealers are said to trade at 565 dollar by punch
Dollar, Pounds, Euro to Naira Today – GBP to Naira Today
Dollar to Naira Yesterday and Throughout the Week
“browsing through the market report and watch of TheCable showed that the Nigerian Naira was and currently exchanges at N575 to the dollar at just three different markets in Lagos, ”
This implies a N0.06 or 0.02 per cent appreciation from N414.73 it exchanged in the previous session .
exchange rate between the naira and the US dollar opened at ₦413.94/$1 and closed at ₦415.07/$1, showing an increase at 0.24.
According to data from FMDQ, forex turnover for was pegged $103.16 million up from $334.97 million
Black Market table rate
Key Factors that Affect Foreign Exchange Rates
Here are factors we have identified that make naira or exchange rate to fluctuate.
INFLATION RATES: inflation is known to have a direct impact on blackmarket exchange rate. If the Nigerian economy can be stable and inflation put under control, it will impact positively on the Naira but on the other hand if the Naira continues to nose dive down it could tell that the prices of food and other basic necessities are getting higher on daily basis.
INTEREST RATES: interest rates is another instrument to watch. If the rate at which bank lends money out goes up then it will reflect negatively on the economy, making the economy to contract and hence naira will suffer a fall in value.
GOVERNMENT DEBT: National debt can influence investors confidence and subsequently inflow of dollars into the economy. If inflows are high naira exchange rate will appreciate favourably to the Naira.
SPECULATION: most times naira to dollar exchange rate are influenced because of speculators. They hoard money in anticipating gain and this makes naira to fall further.
TERMS OF TRADE: favourable terms of trade will lead to increase in the value of Naira to dollar but unfortunately Nigeria is experiencing an imbalance terms is trade. We import everything from China, India and most of Asians countries.