News
Exchange Rate: Aboki dollar to naira today, 3 May 2023
The exchange rate of Aboki dollar to naira today, 3 May 20233 May 2023 can be accessed below.
How Much Is Dollar To Naira Exchange Rate Today?
Dollar to naira black market exchange rate today black market (Aboki dollar rate):
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 735 |
| Selling Rate | 738 |
Aboki dollar to naira today
The local currency (abokiFx) opened at N738.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, May 3, 2023, in Lagos Nigeria, after it closed at N741.00 per $1 on Tuesday, 2nd May, 2023.
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.
