Brand Spur
Nigeria has obtained the official dollar to naira exchange rate in Nigeria today
including the Black Market rates, Bureau De Change
(BDC) rate, and CBN rates.
How
Much Is Dollar To Naira Exchange Rate Today?
Dollar
to naira exchange rate today black market (Aboki dollar rate):
Brand Spur Nigeria understands that the exchange rate for a
dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar
for N745 and sell at N747 as of the time of filing this report.
Exchange Rate of Dollar To Naira in Black Market
Today?
|
Dollar to Naira (USD to NGN) |
Black Market Exchange Rate Today |
|
Buying
Rate |
745 |
|
Selling
Rate |
747 |
The local currency (abokiFx) opened at N747.00 per $1 at the
parallel market otherwise known as the black market, today, Wednesday, 18th
January 2023, in Lagos Nigeria, after it closed at N747.00 per $1 on Tuesday,
16th January 2023.
Factors Influencing Foreign Exchange
Rates
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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