Dollar to Naira Black Market Exchange Rate Today Monday 31/01/2023 [aboki fx rate]
How much is dollar to naira today?
Dollar to Naira Black Market Exchange Rate Today Monday 31/01/2023 – See the latest and up-to-date dollar to Naira CBN rate as well as dollar to naira bank rate today. Find the Aboki dollar rate in Nigeria today, The official CBN dollar rate, latest dollar to naira news, trends, and updates on our platform.
How Much is Dollar to Naira and the official Exchange Rate Today, Monday, 31st January 2023?
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks. The parallel exchange rate (black market rate) always differs from the CBN rate.
The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.
The dollar to naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available at the black market otherwise called parallel market.
How much is dollar to naira today in black market?
How much is Dollar to Naira Today? If you have dollars now in Nigeria, you are regarded as an affluent personality. See the current dollar to Naira exchange rate as of today. We compare the Dollar to Naira bank rate vs aboki rate. Dollar to naira exchange bank rate is far lower than the dollar to naira aboki rate. Of course, you know that the exchange rate in banks is different from the exchange rate in the parallel market. See the details below.
Exchange Rate For A Dollar To Naira at the Parallel Market (Black Market) is N746 and sells at N750 On Tuesday, January 31st, 2023.
Currently, Naira is being exchanged with the dollar at the rate of N746/$1 as at Tuesday, January 31st, 2023 at the Parallel Market also known as the Black Market.
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
The local currency (abokiFx) opened at N746.00 per $1 at the parallel market otherwise known as the black market, today, Tueaday, 31st January 2023, in Lagos, Nigeria, after it closed at N745.00 per $1 on Monday, 30th January 2023.
Official Exchange Rate from CBN Website for today Tueaday, 31st January 2023.
Find below official exchange rate of a number of currency to the Naira from the Website of the CBN.
|1/30/2023||SOUTH AFRICAN RAND||26.5691||26.598||26.626|
The exchange rate between the naira and the US dollar on the black market on Tuesday 31st January 2023, was an average of N746/$1. It traded at N745/$ on Monday.
This is according to information from black market traders and QUICK LOAN ARENA investigations.
Factors Influencing Foreign Exchange Rates
Here are some of the 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.
Frequently Asked Questions [FAQs]
What is Black Market exchange rate For Dollar To Naira in Nigeria?
Generally, a black market is where foreign currencies are exchanged illegally for naira, through brokers, or “abokis,” as they are called in Nigeria. The parallel market premium is the difference between the parallel market rate and the official market rate paid by a black-market customer.
The exchange rate between the Dollar To Naira Black Market Today has gained momentum to N746/$1 threshold at the parallel market. This is according to information from Bureau De Change operators in Lagos State.
The foreign exchange market ended the five trading week on Friday, with the the naira, Nigeria’s currency, losing 0.67 percent week-on-week against the dollar at the parallel market.
After trading on Friday, naira closed at N750 per dollar, lower than N745/$ it closed with last Friday (January 13, 2023) at the unofficial market, also known as the black market.
On a day-to-day basis, the naira weakened by 0.4 percent (N3) to close at N750 on Friday as against N747 closed on Thursday at the same market.
“There is demand. People are buying dollars now”, one of the Street traders in Lagos told BusinessDay on Friday.
The Nigerian Economic Summit Group (NESG) stated in its 2023 macroeconomic outlook report that the decline in forex supply will further support exchange rate depreciation.
The report said an FX shortage will support the black market operation, where the exchange rate will depreciate even at a faster rate.
At the Investors and Exporters (I&E) forex window, naira appreciated marginally by 0.09 percent week-on-week, as dollar was quoted at N461.50 per dollar on Friday compared to N461.90/$1 quoted last week Friday, data from the FMDQ indicated.