Dollar To Naira Black Market Exchange Rate Today – October 16, 2023 | Aboki FX, See Details Below
Stay updated with the Dollar to Naira black market exchange rate for October 16, 2023, with insights into the factors influencing foreign exchange rates and the role of the Central Bank of Nigeria (CBN).
Let’s provide you with a comprehensive breakdown of the current exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) today.
How much is a dollar to naira today in the black market?
The Dollar to Naira exchange rate in the black market, often referred to as the Aboki dollar rate, stands at N1040 for buying and N1050 for selling on Sunday, October 15, 2023, as reported by sources at Bureau De Change (BDC).
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today:
- Buying Rate: N1040
- Selling Rate: N1050
Please note that the rates you encounter when buying or selling forex may vary from the rates provided in this article due to the fluctuating nature of currency exchange rates.
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
It is important to recognize that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) for forex transactions. The CBN has directed individuals who wish to engage in foreign exchange transactions to approach their respective banks.
Below, you can find a chart illustrating the Nigerian Naira’s exchange rate compared to the US Dollar.
1 USD = 765.93 NGN 1 US Dollar = 765.93 Nigerian Naira The USD to NGN rate as of October 15, 2023, at 8:00 AM
Factors Influencing Foreign Exchange Rates
Several factors contribute to the fluctuations in the dollar-to-naira exchange rate. Understanding these factors is essential to gaining insights into currency exchange dynamics. Here are some key elements:
Inflation has a direct impact on black market exchange rates. If the Nigerian economy can achieve stability and control inflation, it will positively affect the Naira’s value. However, if the Naira continues to depreciate, it could indicate that the cost of essential goods and services is rising daily.
Interest rates play a significant role in currency exchange dynamics. If the interest rates at which banks lend money increase, it can negatively impact the economy, causing it to contract and leading to a devaluation of the Naira.
National debt levels can influence investor confidence and the flow of funds into the economy. High inflows can lead to an increase in the Naira’s exchange rate in favor of the local currency.
Speculators often impact the Naira-to-Dollar exchange rate by stockpiling money in anticipation of profit, causing the Naira to depreciate further.
Conditions of Trade
Favorable trade terms can enhance the Naira’s value against the Dollar, although Nigeria is currently facing a trade deficit. The majority of goods are imported from countries like China, India, and other Asian nations.
Disclaimer: It’s important to note that jobmulla.com 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 gathered from various sources, including online media outlets. The rates you encounter when buying or selling forex may differ from those presented in this article due to the dynamic nature of currency exchange rates.