On December 4th, 2023, the black market exchange rate for the Dollar to Naira, commonly referred to as the parallel market or Aboki fx, witnessed activity in the Lagos Parallel Market.
According to reports from Bureau De Change (BDC), participants engaged in purchasing a dollar at N1162 and selling it at N1165.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate: | N1160 |
| Selling Rate: | N1165 |
CBN Exchange Rate Today:
| Dollar to Naira (USD to NGN) | CBN Exchange Rate Today |
|---|---|
| Buying Rate | 952 |
| Selling Rate | 953 |
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
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.
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.
Government Debt
National debt levels impact investor confidence and fund influx. Higher inflows can favor the Naira in the exchange market.
Speculators
Speculative activities can significantly impact exchange rates. Anticipated gains can lead to hoarding, causing fluctuations in the Naira’s value.
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.