IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy $1 at ₦748 or sell 1 dollar at ₦748 and the price can change (high or low) within hours.
How much is the exchange rate of Dollar to Naira: Black market dollar to naira today?
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.
May 17 dollar to naira black market exchange rate: $1 dollar to naira = ₦748
The local currency (abokiFx) opened at N748.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, May 17, 2023, in Lagos Nigeria, after it closed at N748.00 per $1 on Tuesday, May 16, 2023.
Even though the dollar to naira opened in the parallel market at ₦748 per $1 today, Newsone 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.
CBN Dollar to Naira Exchange Rate Today:
|1 USD = 461.5953 NGN|
|1 Dollars = 461.5953 Nigerian Naira|
|The USDNGN rate as of 17 May 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.
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.