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Black Market Dollar To Naira Today 24th August 2023 (Aboki Exchange Rate)

Black market dollar to naira today 24th August 2023, the Aboki exchange rate has emerged.

Are you interested in knowing the Dollar to Naira black market exchange rate today? See the black market dollar to naira exchange rate today below. You can swap your dollar for naira at these rates but note that the exchange market fluctuates.

TheTimes has obtained the official dollar to naira exchange rate, and naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

The local currency (abokiFx) opened at N900 per $1 at the parallel market otherwise known as the black market, today, Thursday, 24th August 2023 in Lagos Nigeria, after it closed at N900 per $1 the previous day.

Black market dollar to naira: Aboki Exchange Rate in Nigeria today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN885
Selling RateN900

Central Bank of Nigeria (CBN) Naira Exchange Rates for banks

Factors Influencing Foreign Exchange Rate

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.

Disclaimer: NEWSONE 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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