mitrobeHow Much Is Dollar To Naira Exchange Rate Today?
Dollar to Naira Black Market rate – Here is the current USD to Naira rate today. See CBN & black market exchange rate for dollar to naira Aboki fx. You change your USD to naira at this rate or convert your dollar to naira at the latest black market rate or parallel market.
So many Nigerians prefer to exchange their foreign currencies, especially the US Dollars for naira using the black market because the exchange rate is very high compared to what the bank offers. If you want to know the current black market rate, here is the page to find that.
Aboki fx dollar to naira exchange rate has also been added here so you can easily verify each of the rates for the currencies you want to exchange in the parallel markets. Aboki fx is the most trusted source for black market dollar to naira rate today. You can find their exchange rate for today here.
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 | 738 |
| Selling Rate | 742 |
The local currency (abokiFx) opened at N742.00 per $1 at the parallel market otherwise known as the black market, today, Thursday, 20th April 2023, in Lagos Nigeria, after it closed at N740.00 per $1 on Wednesday, 19th April 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.
James steller
Mitrobe Staff
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