Dollar To Naira Today Black Market Rate 2nd May 2023 (Aboki Exchange)

Dollar To Naira Today Black Market Rate 2nd May 2023 (Aboki Exchange)

Flippstack has compiled the Latest dollar-to-naira exchange rates in Nigeria today including the Black Market rates and Bureau De Change (BDC) rate for today Tuesday 2nd May 2023

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 ₦743 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 Tuesday, May 2nd, 2023 (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 Tuesday 2nd, 2023 = ₦743/$1

The Lagos Parallel Market (Black Market) players buy a dollar for ₦743 and sell at ₦755 Monday, May 2nd, 2023, 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 ₦743.00 per $1 at the parallel market otherwise known as the black market (Aboki Dollar), today, Tuesday, 2nd May 2023, in Lagos Nigeria, compared to ₦745 per dollar it closed on Monday 1st May 2023.

Dollar To Naira Today Black Market Rate 2nd May 2023

Even though the dollar to naira opened in the parallel market at ₦743 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.

Pounds to Naira

The following are the current pounds to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Great Britain Pound Sterling at the parallel (unofficial) market.

Euro to Naira

The following are the current Euro to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Euros at the parallel (unofficial) market.

Canadian Dollar to Naira

The following are the current CAD to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Canadian Dollars at the parallel (unofficial) market.

Rand to Naira

The following are the current Rand to Naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Rand to Naira at the parallel (unofficial) market.

Dirham to Naira

The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Dirham to Naira at the parallel (unofficial) market.

Yuan to Naira

The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Yuan to Naira at the parallel (unofficial) market.

Ghanaian Cedi to Naira

The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Ghanaian Cedi to Naira at the parallel (unofficial) market.

West African CFA franc to Naira

The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying West African CFA franc to Naira at the parallel (unofficial) market.

Central African CFA franc to Naira

The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Central African CFA franc to Naira at the parallel (unofficial) market.

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.

Dollar To Naira Today Black Market Rate 2nd May 2023 (Aboki Exchange)