The dollar to naira exchange rate today 31st December 2022, black market rate can be accessed below.
Brand Spur Nigeria has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
How Much Is Dollar To Naira Exchange Rate Today?
Dollar to naira exchange rate today black market (Aboki dollar rate):
Brand Spur Nigeria understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N737 and sell at N741 as of the time of filing this report.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 737 |
| Selling Rate | 741 |
The local currency (abokiFx) opened at N741.00 per $1 at the parallel market otherwise known as the black market, today, Saturday, 31 December 2022, in Lagos Nigeria, after it closed at N744.00 per $1 on Friday, 30 December 2022.
IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦737nand ₦741, and the price can change (high or low) within hours.
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.
