Dollar To Naira Today Black Market Rate 7th October 2022

Dollar To Naira Today Black Market Rate 7th October 2022

Welcome to Flippstack, we have compiled the Latest dollar to naira exchange rates in Nigeria today including the Black Market rates and Bureau De Change (BDC) rate for today Friday 7th October 2022

Note: 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 ₦714 and the price can change (high or low) within hours.

What is 1 dollar to naira Exchange Rate in Black Market Today?

The Nigeria black market dollar exchange rate today to the Nigerian Naira is as follows:

LAGOS PARALLEL MARKET RATES Friday, October 7th, 2022 (BLACK MARKET)

How much is the exchange rate of Dollar to Naira in the Black Market today?

The exchange rate of Dollar to Naira in the Parallel Market (Aboki Dollar Rate) Today Friday 7th, 2022 = ₦714/$1

The Lagos Parallel Market (Black Market) players buy a dollar for ₦714 and sell at ₦720 on Friday, October 7th, 2022, according to data obtained from Bureau De Change (BDC).

The local currency Naira appreciated against the dollar as the exchange rate for today opens at ₦714.00 per $1 at the parallel market otherwise known as the black market (Aboki Dollar), today, Friday, 7th October 2022, in Lagos Nigeria, compared to ₦716 per dollar it closed the previous day Thursday 6th October 2022.

Even though the dollar to naira opened in the parallel market at ₦714 per $1 today, Flippstack reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Disclaimer: Flippstack does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

Some Of The Factors Influencing Foreign Exchange Rates

Below are some of the factors influencing dollar to naira exchange rate.

Inflation Rates:  It is common knowledge that inflation has a direct impact on exchange rates in 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.

Interest Rates: Interest rates are yet another thing to monitor. 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.

Government Debt: Investor confidence and, consequently, the inflow of cash into the economy, are impacted by National debt. The naira exchange rate will increase in favor of the naira if the inflows are substantial.

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: The Naira will appreciate against the dollar if trade conditions are favorable, despite the fact that Nigeria is currently running a trade deficit. China, India, and the majority of Asian nations are the source of everything.