What is the dollar to naira rate today black market also known as the Aboki exchange rate in Nigeria today? See the black market Dollar to Naira exchange rate for 1st July 2023 below. You can swap your dollar for Naira at these rates.
This article provides insights into the Dollar-to-Naira exchange rates today. It covers both the black market rates and the official rates provided by the Central Bank of Nigeria (CBN).
Unveiling the Black Market Naira to Dollar Exchange Rate
Newsone reports that many individuals are curious about the exchange rate of the Naira to Dollar in the black market. The dollar to Naira rate in the Lagos Parallel Market (commonly known as the Black Market) offers a comprehensive view. According to information from Bureau De Change (BDC) sources, traders were buying a dollar for N769 and selling it for N772.
Dollar to naira rate today black market
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦769 |
| Selling Rate | ₦772 |
How much is dollar to naira CBN rate
The parallel exchange rate (black market rate) is always different from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.
As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
|---|---|---|---|---|
| 6/27/2023 | US DOLLAR | 758.78 | 759.28 | 759.78 |
| 6/27/2023 | POUNDS STERLING | 967.0651 | 967.7024 | 968.3396 |
| 6/27/2023 | EURO | 830.7882 | 831.3357 | 831.8831 |
| 6/27/2023 | SWISS FRANC | 846.7582 | 847.3161 | 847.8741 |
| 6/27/2023 | YEN | 5.2646 | 5.268 | 5.2715 |
| 6/27/2023 | CFA | 1.2163 | 1.2263 | 1.2363 |
| 6/27/2023 | WAUA | 989.833 | 990.4852 | 991.1375 |
| 6/27/2023 | YUAN/RENMINBI | 105.1122 | 105.1819 | 105.2516 |
| 6/27/2023 | RIYAL | 202.309 | 202.4423 | 202.5756 |
| 6/27/2023 | SOUTH AFRICAN RAND | 41.0205 | 41.0475 | 41.0745 |
Factors Influencing Foreign Exchange Rates
Here are some 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 brought under control, 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 lead to an increase in 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.
Frequently Asked Questions (FAQ)
Q: Where can I find the most accurate Dollar to Naira exchange rates?
A: To obtain the most accurate and up-to-date dollar to Naira exchange rates, it is advisable to consult authorized financial institutions, such as banks or official forex trading platforms.
Q: Why does the black market exist if the CBN does not recognize it?
A: The black market exists due to various factors, including limited access to official channels for foreign exchange transactions and the demand for foreign currencies that exceeds the available supply. However, engaging in transactions through the black market may involve certain risks, such as potential fraudulent activities or unfavorable rates.
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.
