In the latest developments in the foreign exchange market, the black market exchange rate for the Dollar to Naira, also known as the parallel market or Aboki fx, is as follows:
On Wednesday, November 29, 2023, sources from Bureau De Change (BDC) report that in the Lagos Parallel Market (Black Market), players purchase a dollar for N1157 and sell it at N1160.
Dollar to Naira Black Market Rate Today
- Buying Rate: N1157
- Selling Rate: N1160
CBN Exchange Rate Today:
- Buying Rate: 822
- Selling Rate: 823
Note: The Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises individuals engaging in Forex transactions to approach their respective banks.
These rates, however, may vary based on market dynamics and individual transactions. It is essential for individuals to check with their banks for the most accurate and up-to-date rates.
Factors Influencing Foreign Exchange Rates
1. Inflation Rates: Inflation plays a significant role in determining black market exchange rates. Stabilizing the Nigerian economy and controlling inflation can contribute to the strengthening of the Naira against the Euro.
2. Interest Rates: Keep a vigilant eye on interest rates, as a rise in the rates at which banks lend money can contract the economy, leading to a depreciation of the Naira.
3. Government Debt: National debt levels impact investor confidence and fund influx. Higher inflows can favor the Naira in the exchange market.
4. Speculators: Speculative activities can significantly impact exchange rates. Anticipated gains can lead to hoarding, causing fluctuations in the Naira’s value.
5. Conditions of Trade: Favorable trade terms can enhance the Naira’s value. Nigeria’s current trade deficit, sourcing products from various countries, including China and India, plays a role in the exchange rate dynamics.