Latest Dollar To Naira Current Black Market Rate

Dollar To Naira Current Black Market Rate

The Dollar to Naira current black market rate for the naira in Nigeria, puts into consideration the following: Bureau De Change, Central Bank of Nigeria and the official black market exchange rate.

Dollar to Naira current black market rate is at 758 and it is sold for 762, but it’s crucial to remember that the exchange rate can change within hours (either upwards or downwards).

On Wednesday, May 23, 2023, the local currency (abokiFx), which is also known as the black market, closed at N760.00 per $1. Today, Thursday, May 25, 2023, it opened at N762.00 per $1.

Foreign Exchange Rate-influencing Factors

It is expedient to know that inflation has a direct impact on exchange rates on the black market. The naira will gain if the Nigerian economy can be stabilized and inflation is kept under control; however, if the naira keeps falling, it might mean that food and other needs are getting more expensive on a daily basis.

Monitoring interest rates is a further strategy. A rise in the interest rate at which banks lend money would be detrimental to the economy, cause it to contract, and consequently lower the value of the naira.

Also Read Dollar To Naira Today Black Market Rate 24th May 2023 (Aboki Fx)

Also, a country’s level of debt may have an effect on investor confidence and, consequently, the flow of money into the economy. If inflows are substantial, the currency rate will move in the naira’s favor.

The speculators routinely affect the exchange rate between the naira and the dollar. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower.

Although Nigeria is currently running a trade deficit, favorable trade terms will raise the value of the naira relative to the dollar.