How Much is Dollar to Naira Black Market Today 29th August 2023 – See USD to Naira Rate Today

Today, 29th, August 2023. Dollar to Naira Black Market Rate

                

PHOTO SOURCE: GOOGLE 

Dollar to Naira Black Market Exchange Rate Today 29th August 2023 also known as Aboki Exchange rate can be accessed below


Black Market Dollar to Naira is how much 

Currency dealers in Lagos, Nigeria's Abuja Zone 4 market stated that one dollar was purchased for 910 and sold for  915  today.



Dollar to Naira                Black Market Exchange 

(USD to NGN)                 Today

Buying Rate                     910

Selling Rate                      916


The local currency (abokiFx) opened at N910 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 29th, August  2023 in Lagos Nigeria, after it closed at N915 per $1


simple terms, here’s how the two rates look side by side:


Market Type                 Exchange Rate (per $1)

Black Market                 N915

CBN Official Rate         N777.84 Naira


While the cbn Dollar to Naira exchange rate is 777 per $1.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at 800 and the price can change (high or low) within hours.

The current buying and selling rates of USD on the unofficial parallel market, also known as the black market, for Bureau De Change (BDC) operators in Lagos and Abuja are provided below.



Currency          Buying Rate             Selling Rate

USD to NGN         910                           915

GBP to NGN         900                           920

EUR to NGN        750                           800

CAD to NGN       560                        600

ZAR to NGN        31                         38

AED to NGN        180                        200

CNY to NGN         80                         90

GHS to NGN         40                         55

XOF to NGN       1050                        1100

XAF to NGN        920                        950


Factors Influencing Foreign Exchange Rate

Here are some of the causes of the dwindling dollar-to-naira exchange rate.


1. 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.


2. 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.


3. 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.


4. 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.


5. 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.


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