Aboki dollar to naira today black market exchange rate 11 March 2024 can be accessed below.
In this article, we’ll provide you with the latest updates on the exchange rate for Aboki Dollar transactions ensuring you stay informed and make well-informed decisions regarding your currency exchange needs.
Aboki Dollar refers to the informal currency exchange market in Nigeria, where individuals, commonly known as “Abokis,” facilitate transactions for foreign currencies like the US Dollar (USD) to Nigerian Naira (NGN).
This market operates outside the formal banking system and plays a significant role in the Nigerian economy.
As of today, the exchange rate for Aboki Dollar to Naira in the black market may vary based on market dynamics, demand, and supply.
However, rates obtained by Newsone Nigeria from Abokis in Lagos Nigeria revealed that:
Factors Influencing Foreign Exchange Rates
Here are some of the causes of the dwindling euro-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.
Disclaimer: NEWSONE NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.