Dollar (USD) to Naira black market rate today 17 October 2023 Abokifx can be accessed below.
IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at a certain rate and the price can change (high or low) within hours.
The local currency opened at N1049.00 per $1 at the parallel market otherwise known as the black market today Tuesday, 17 October 2023, in Lagos Nigeria, after it closed at N1049.00 per $1 on Monday, 16 October 2023.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1040 |
| Selling Rate | N1049 |
Even though the dollar to naira opened in the parallel market at ₦1049 per $1 today, Newsone 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 N1040 and sell for N1049 on Tuesday, 17 October 2023, after they purchased N1040 and sold for N1049 on Monday, 16 October 2023.
Meanwhile, Newsone Nigeria reports that the USD started this week at ₦1049 in Parallel Market also known as Black Market on Monday, October 9, 2023, in Lagos Nigeria, after it opened at ₦1000 last week Monday, October 9, 2023.
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.