Black Market Dollar To Naira Today 23rd February 2023 – Aboki fx rate

Black market Dollar to Naira today 23rd February 2023 – Aboki fx rate, can be accessed below.

How much is naira to dollar in black market today? Many of the dealers said they have struggled to trade after abokiFX.com, a website that collates parallel market rates in Lagos, stopped publishing parallel market rates in September 2021, after the Central Bank of Nigeria threatened its owner.

February 23 dollar to naira black market exchange rate: $1 dollar to naira = ₦770

DOLLAR TO NAIRA 23 FEB 2023

The local currency opened at N770.00 per $1 at the parallel market otherwise known as the black market today Thursday, 23 February 2023, in Lagos Nigeria, after it closed at N775 per $1 on Wednesday, 22 February 2023.

Even though the dollar to naira opened in the parallel market at N770 per $1 today, NEWS-ONE 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.

Newsone Nigeria reports that in the black market, the players buy a dollar for N767 and sell for N770 on Thursday, 23 February 2023, after they purchased N770 and sold for N775 on Wednesday, 22 February 2023.

Meanwhile, NEWS ONE NIGERIA reports that the USD started this week a ₦770 in Parallel Market also known as Black Market on Monday, February 20, 2023, in Lagos Nigeria, after it opened at  ₦754 last week Monday, February 13, 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.