The parallel exchange rate (black market rate) always differs from the CBN rate. Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding. How much is a dollar to naira today in the Nigeria black market We import everything from China, India and most of Asians countries.How Much is Dollar to Naira and the Official Exchange Rate today, 27th July 2023? TERMS OF TRADE: favourable terms of trade will lead to increase in the value of Naira to dollar but unfortunately Nigeria is experiencing an imbalance terms is trade. They hoard money in anticipating gain and this makes naira to fall further. SPECULATION: most times naira to dollar exchange rate are influenced because of speculators. If inflows are high naira exchange rate will appreciate favourably to the Naira. GOVERNMENT DEBT: National debt can influence investors confidence and subsequently inflow of dollars into the economy. If the rate at which bank lends money out goes up then it will reflect negatively on the economy, making the economy to contract and hence naira will suffer a fall in value. INTEREST RATES: interest rates is another instrument to watch. If the Nigerian economy can be stable and inflation put under control, it will impact positively on the Naira but on the other hand if the Naira continues to nose dive down it could tell that the prices of food and other basic necessities are getting higher on daily basis. INFLATION RATES: inflation is known to have a direct impact on blackmarket exchange rate. Here are factors we have identified that make naira or exchange rate to fluctuate. how much is dollar to naira today in black market Key Factors that Affect Foreign Exchange Rates Rate for Dollar to Naira exchange rate.Abokifx exchange rate in Nigeria today black market black market rate dollar to naira usd to ngn black market today. See: pounds to Naira Black Market Rate today Let’s not forget that the CBN has condemned the act of registered money changers who engaged in round-tripping. Expert has argued that had it been the BDC was operational things won’t have gone wrong this far. Right now The only exchange rate market recognize by CBN is the Investors and Exporters window, So if you want to buy or sell dollars you are expected to make use it without breaking the law.Īlthough everyone has been airing their own opinion on this matter. The Central Bank of Nigeria has suspended the sale of Dollars to BDC and has asked banks to meet dollar demand of ordinary Nigerians who want to genuinely want dollars for genuine reasons. News flash:The dollar rose to between 10 in different parts report punch News paper “browsing through the market report and watch of TheCable showed that the Nigerian Naira was and currently exchanges at 1015 to the dollar at just three different markets in Lagos, ” Let’s not forget that TheCable had earlier on given us a report, that the Nigerian Naira traded at N1005/$1. When we checked on PREMIUM TIMES reports on forex dealers in Uyo and Abuja respectively it was reported that the paired currency closed at N1005 and N1015 per $1 at the black market.īased on what premium times report we have been able to arrived at the following calculations You can now See today’s black market dollar to naira exchange rate today. How much is naira to dollar today in black market? As at today with USD being traded at ₦1,015 we see a % for USD to Naira exchange rate for this month.ĭollar to Naira Yesterday and Throughout the Week When we look at this month, USD was traded at ₦ at the beginning of this October on Monday, October 2, 2023. This makes it -10.08% decline for USD against Naira this week. USD has been traded at ₦1009 when Black Market opened this week on Monday, October 9, 2023. USD is being traded at ₦1,015 in Black Market(Lagos) today, Tuesday, October 10, 2023.
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