Dollar To Naira Black Market Exchange Rate Today: Aboki FX (17th Oct 2023) |see detailed info below
Get the latest Dollar to Naira Black Market Exchange Rate for October 17, 2023. Discover the buying and selling rates, factors influencing the exchange rate, and the Central Bank of Nigeria’s stance on Forex trading.
Let’s provide you with a comprehensive breakdown of the exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) for today.
How much is a dollar to naira today in the black market?
The Dollar to Naira exchange rate today in the black market, often referred to as the Aboki dollar rate, stands at N1035 for buying and N1040 for selling on Tuesday, October 17, 2023, as reported by sources at the Bureau De Change (BDC).
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today:
- Buying Rate: N1035
- Selling Rate: N1040
Please be aware that the rates you obtain when buying or selling foreign exchange may differ from those mentioned in this article due to market fluctuations and regional variations.
Central Bank of Nigeria (CBN) Naira Exchange Rates for banks
It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) for foreign exchange. Instead, they have directed individuals seeking to engage in Forex transactions to approach their respective banks.
Nigerian Naira Rate Today compared to the Dollar:
- 1 USD = 765.93 NGN
- 1 Dollar = 765.93 Nigerian Naira
The current USD to NGN exchange rate as of October 17, 2023, at 8:00 AM.
Factors Influencing Foreign Exchange Rate
Several factors contribute to the fluctuating dollar-to-naira exchange rate. Understanding these influences provides valuable insights into the dynamics of currency exchange. Here are some key factors to consider:
Inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira’s value will benefit. However, if the naira continues to weaken, it may indicate that food and other essential goods are becoming more expensive on a daily basis.
Interest rate disparities between Nigeria and other countries, especially the United States, significantly affect currency exchange dynamics. When banks raise their lending interest rates, it can have a detrimental impact on the economy, causing it to contract and resulting in a depreciation of the naira.
National debt levels can influence investor confidence and, consequently, the flow of funds into the country’s economy. Higher inflows typically lead to an increase in the naira exchange rate, favoring the local currency.
Currency speculators play a pivotal role in influencing the naira-to-dollar exchange rate. They stockpile foreign currency in anticipation of future gains, contributing to a depreciation of the naira.
Conditions of Trade:
Favorable trade terms can elevate the naira’s value against the dollar. However, Nigeria’s current trade deficit, with a substantial portion of goods imported from countries like China and India, has a bearing on the exchange rate.
It’s essential to note that Jobmulla.com does not set or determine forex rates. The official NAFEX (Nigerian Autonomous Foreign Exchange) rates are obtained from the FMDQOTC (FMDQ OTC Securities Exchange) website. On the other hand, parallel market rates (black market rates) are collected from various sources, including online media outlets. Thus, the rates you obtain when buying or selling forex may deviate from the rates provided in this article due to market variations and regional disparities.