100 dollars to naira black market today April 3 , 2024 can be accessed below.
Ejes Gist News Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.
How much is $100 dollar to naira today in black market April 3 , 2024? = 122,500
The black market, also known as the parallel market, opened with the local currency (abokiFx) at ₦1225 per $1. Therefore, the current value of 100 dollars to naira on the black market is ₦122,500.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate of $1 | ₦1,220 |
| Selling Rate of $1 | ₦1,225 |
The difference between the black market exchange rates and the official rate is called the parallel market premium. The parallel market premium indicates the degree of divergence between the official and unofficial markets and reflects the level of confidence in the naira and the CBN’s policies.
Dollar Naira Exchange Rate Black Market Today April 3 , 2024: GBP, EUR to Naira
100 Dollars To Naira in Black Market Today 6 March 2024.
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.
Our Disclaimer: Ejes Gist News NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC and the banks rate are varies. While Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
Yen Slips as BOJ Policy Pivot Hopes Wane; Dollar Up Slightly Ahead of Data.
The yen weakened against the dollar on Tuesday following discouraging comments from Japanese officials, which tempered expectations of the Bank of Japan abandoning its negative interest rate policy.
Meanwhile, the dollar saw a modest increase ahead of a crucial reading on U.S. inflation, providing insight into the potential timing of the Federal Reserve’s rate adjustments.
At 147.26 per dollar, the yen experienced a 0.25% decline, marking its most significant daily drop since March 4.
BOJ Governor Kazuo Ueda delivered a slightly pessimistic outlook on the country’s economy compared to January, while Finance Minister Shunichi Suzuki emphasized that Japan has not yet overcome deflation. These statements precede the BOJ’s policy meeting next week.
Lee Hardman, senior currency analyst at MUFG Bank, suggested that wage negotiation outcomes this week may signal the BOJ’s readiness to initiate monetary policy tightening next week. The demand for wage increases, led by Japan’s largest trade union confederation, Rengo, reaching 5.85%, the highest in 30 years, further supports this notion.
One-week implied volatility on dollar/yen surged to 12.115%, its highest since December, indicating heightened expectations for currency pair price fluctuations.
The dollar index, which measures the greenback against a basket of major currencies, rose marginally to 102.9, rebounding from a two-month low of 102.33 last week.
Recent speculation of Fed rate cuts beginning in June gained traction following remarks by Fed Chair Jerome Powell, coupled with softening underlying labor market conditions in the U.S. as evidenced by a rise in the unemployment rate to 3.9% in February.
In other currency news, the euro remained steady at $1.0928 ahead of the European Central Bank’s communication on the outcome of discussions regarding the Eurosystem’s operational framework review.
Sterling slipped 0.2% to 1.2785 against the stronger dollar following subdued reaction to British wages data, while the Australian dollar and New Zealand dollar also experienced slight declines.
In the cryptocurrency market, bitcoin saw a 0.34% decrease to $71,898, nearing its record high set in the previous session, while Ether reached $4,093.70, its highest level since 2021.
