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Black market dollar to naira: Aboki exchange rate today 6 May 2023

theeditorBy No Comments4 Mins Read

Black market dollar to naira, Aboki exchange rate today 6 May 2023 can be accessed below.

IMPORTANT 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 at ₦735 and sell 1 dollar at ₦738 right now but the price can change (high or low) within hours.

 

Aboki dollar rate in nigeria today: How much is Aboki exchange rate in nigeria today?

How much is the Dollar to Naira Exchange rate at the black market and aboki fx today? See today’s USD to Naira exchange rate. You convert your USD to Naira at these rates, or you convert your dollar to Naira at the most recent black market or parallel market rate.

Nigerians prefer to exchange foreign currency, particularly the USD to Naira, on the black market since the conversion rate is much higher than what the bank offers.

On this page, you can discover all the facts and the current rate for dollar to Naira, both the CBN and the black market rate.

How Much is Dollar to Naira and the official Exchange Rate today?

How much is dollar to naira today in official market today? Get the CBN dollar to naira rate today below

1 USD = 461.5 NGN
1 Dollars = 461.5 Nigerian Naira
The USDNGN rate as of 6 May 2023

Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.

The parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the USD and the Nigerian Naira significantly impacts the Nigerian economy.

How much is dollar to naira today in black market?: Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦ 734
Selling Rate ₦ 738

Even though the dollar to naira opened in the parallel market at ₦740 per $1 today, Newsone 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.

Black market dollar to naira: Aboki exchange rate today

Factors Influencing Foreign Exchange Rates:

Here are some 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.

Disclaimer: THE EDITOR NIGERIA 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.

 

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