Black market dollar to naira exchange rate today 10 October 2023 can be accessed below.
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 a certain rate and the price can change (high or low) within hours.
How much is a dollar to naira exchange rate today in the black market?
On Tuesday, October 10th, 2023, individuals in the black market purchased one US dollar for ₦1000 and sold it for ₦1008 compared to Monday, October 9th, 2023 when the local currency was exchanged at ₦1008 for a Dollar, and a Dollar was purchased at ₦1000 and sold for ₦1008.
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.
Black market dollar to naira exchange rate today
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1000 and sell at ₦1008 on Tuesday, October 10th, 2023, according to sources at Bureau De Change (BDC).
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦1000 |
| Selling Rate | ₦1008 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
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 favor 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.
