Black market dollar to naira exchange rate today 12 November 2022, Aboki dollar rate 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 ₦700 and the price can change (high or low) within hours.
The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).
LAGOS PARALLEL MARKET RATES TODAY: dollar to naira exchange rate today black market.
November 12 dollar to naira black market exchange rate: $1 dollar to naira = ₦700
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 690 |
| Selling Rate | 700 |
The local currency opened at N700.00 per $1 at the parallel market otherwise known as the black market today Saturday, November 12, 2022.
Even though the dollar to naira opened in the parallel market at ₦700 per $1 today, Newsone Nigeria reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
NEWS-ONE NIGERIA reports that on the black market, the players buy a dollar for N690 and sell for N700 on Saturday morning, November 12, 2022, after they bought N725 and sold for N740 on Friday, November 11, 2022.
Meanwhile, Newsone Nigeria reports that the USD started this week at ₦890 in Parallel Market also known as Black Market on Monday, November 7, 2022, in Lagos Nigeria, after it opened at ₦800 last week Monday, October 31, 2022.
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 brought under control, 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.