.jpeg "UPDATE: Dollar to Naira Black Market Rate And Official CBN Rate Today 7th September 2023")
UPDATE: Dollar to Naira Black Market Rate And Official CBN Rate Today 7th September 2023
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Today, 7th, September, 2023. Dollar to Naira Black Market Rate
Black Market Dollar to Naira is how much
Currency dealers in Lagos, Nigeria's Abuja Zone 4 market stated that one dollar was purchased for 920 and sold for 925 today.
Dollar to Naira Black Market Exchange
(USD to NGN) Today
Buying Rate 920
Selling Rate 925
The local currency (abokiFx) opened at N920 per $1 at the parallel market otherwise known as the black market, today, Thursday, 7th, July 2023 in Lagos Nigeria, after it closed at N925 per $1 COUNTINUE READING FROM SOURCE
IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at 920 and the price can change (high or low) within hours.
The current buying and selling rates of USD on the unofficial parallel market, also known as the black market, for Bureau De Change (BDC) operators in Lagos and Abuja are provided below.
Currency Buying Rate Selling Rate
USD to NGN 920 925
GBP to NGN 900 920
EUR to NGN 750 800
CAD to NGN 560 600
ZAR to NGN 31 38
AED to NGN 180 200
CNY to NGN 80 90
GHS to NGN 40 55
XOF to NGN 1050 1100
XAF to NGN 920 950
Factors Influencing Foreign Exchange Rate
Here are some of the causes of the dwindling dollar-to-naira exchange rate.
1. 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.
2. 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.
3. 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.
4. 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.
5. 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. CONTINUE READING FROM SOURCE
Source Golden News
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