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.
FAQs About Aboki Exchange Rate in Nigeria Today
How much is $1 in Nigeria black market today?
How much is $1 in Nigeria black market today: The dollar to naira Aboki exchange rate in Nigeria today is N760 today, Monday, June 12, 2023. As of now, you can purchase 1 dollar at ₦756 and sell it at ₦760
How much is 1 dollar to Naira selling rate?
How much is 1 dollar to Naira selling rate: The dollar to naira Aboki exchange rate in Nigeria today is N760 today, Monday, June 12, 2023. As of now, you can purchase 1 dollar at ₦756 nd sell it at ₦760
How much is 1 dollar in UBA bank?
How much is 1 dollar in UBA bank: The dollar to naira exchange rate in Nigeria today at the official rate is N472.50.
| 1 USD = 472.50 NGN |
| 1 Dollars = 472.50 Nigerian Naira |
| The USDNGN rate as of 12 Jun 2023 at 8:00 AM |
How much is $1 to Naira in black market?
How much is $1 to Naira in black market: TheTimes reports that $1 to Naira in black market is N760 today, Monday, June 12, 2023.
How much is $1 dollar in Nigeria now?
How much is $1 dollar in Nigeria now: TheTimes reports that $1 dollar in Nigeria is N760 today, Monday, June 12, 2023. As of now, you can purchase 1 dollar at ₦756 and sell it at ₦760
How much is $100 in black market today?
How much is $100 in black market today: TheTimes reports that $100 in black market today is N76,000 today, Monday, June 12, 2023.
