Dollar to naira exchange rate today 7th January 2023, 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 N743 and sell at N747 as of the time of filing this report.
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
The local currency (abokiFx) opened at N747.00 per $1 at the parallel market otherwise known as the black market, today, Saturday, 7th January 2023, in Lagos Nigeria, after it closed at N745.00 per $1 on Friday, 6th January 2023.
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.