Dollar To Naira Black Market Exchange Rate Today 29th May 2023: are you searching for Aboki dollar to naira today, how much is dollar to naira today in black market,100 dollars to naira black market today, Abokifx exchange rate in nigeria today black market, dollar to naira today black market Nairaland, dollar to naira bank rate today, dollar to naira yesterday, aboki exchange rate today in Lagos, Abokifx exchange rate in nigeria today black market, aboki exchange rate today in Lagos, aboki dollar rate, dollar to naira yesterday, aboki exchange rate? read on Newsone Nigeria has compiled all exchange rate, including bank rates below.
IMPORTANT NOTE: The exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…As of today Monday, 29 May 2023 you can buy or sell 1 dollar at ₦766 and ₦770, and the price can change (high or low) within hours.
In the parallel market, Aboki refers to the Hausa people who buy and sell dollars in the streets of Lagos and other major cities in Nigeria.
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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.
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The local currency opened at N770.00 per $1 at the parallel market otherwise known as the black market today Monday 29th May 2023 in Lagos Nigeria, after it closed at N766 per $1, the previous day, Sunday, 28 May 2023.
Even though the dollar to naira opened in the parallel market at N770 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.
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.