Connect with us

News

Black Market Dollar To Naira Exchange Rate Today 16th April 2023

Published

2 years ago

on

By

Black Market Dollar To Naira Exchange Rate Today 2 September 2024

Black market dollar to naira exchange rate today 16th April 2023 can be accessed below.

Advertisements

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 ₦742 and the price can change (high or low) within hours.

Newsone reports that the Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

Black market dollar to naira exchange rate for Sunday, April 16 goes for [N737 to buy and N742 to sell].

Black market dollar to naira today

Lagos parallel market (black market dollar exchange rate today: $1 dollar to naira today black market)- Aboki dollar rate

The local currency opened at N742.00 per $1 at the parallel market otherwise known as the black market, today, Sunday, 16 April 2023, in Lagos Nigeria, after it closed at N742.00 per $1 on Saturday, 15 April 2023.

Advertisements

How much is dollar to naira today in black market?: Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying Rate₦ 737
Selling Rate₦ 742

Even though the dollar to naira opened in the parallel market at ₦742 per $1 today, Newsone reports that the Central Bank of Nigeria (CBN) does not recognize 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.

Newsone Nigeria reports that on the black market, the players buy a dollar for N737 and sell for N742 on Saturday, 15 April 2023, after they bought N737 and sold for N742 on Saturday, 15 April 2023.

Meanwhile, Newsone Nigeria reports that the USD started this week at ₦746 in Parallel Market also known as Black Market on Monday, 10th April 2023, in Lagos Nigeria, after it opened at 745 last week Monday, April 3rd, 2023.

Factors Influencing Foreign Exchange Rates:

Here are some 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.

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.

Facebook Comments
Related Topics:

Philips Sunday is a Journalist and SEO Expert with a demonstrated history of working in the media production industry. He has degrees in Mass Communication/Media Studies.Connect with him on Facebook, Instagram and LinkedIn.