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Dollar To Naira Black Market Rate Today 9 October 2023

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2 years ago

How much is a dollar to naira today in the black market?

Dollar to naira black market rate today (Aboki dollar rate):

On Monday, October 9th, 2023, individuals in the black market purchased one US dollar for N1000 and sold it for N1008 compared to Sunday, October 8th, 2023 when the local currency was exchanged at N1000 for a Dollar, and a Dollar was purchased at N992 and sold for N1000.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1000 and sell at N1008 on Monday, 9th October 2023, according to sources at Bureau De Change (BDC).

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	N1000
Selling Rate	N1008

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Factors Influencing Foreign Exchange Rate

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 favor 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.

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