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Dollar To Naira Exchange Rate For Today, 31st May 2023 [Black Market]
Access the dollar to naira black market exchange rate for today 31st May 2023, on Newsone Nigeria.
Newsone has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
How Much Is Dollar To Naira Exchange Rate Today?
Dollar to naira black market exchange rate today black market (Aboki dollar rate):
Exchange Rate of Dollar To Naira in Black Market Today?
The local currency (abokiFx) opened at N763.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 31st May 2023, in Lagos Nigeria.
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.
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