100 dollars to naira black market today March 9, 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 dollars to naira black market today March 9 , 2024? = ₦161,800
The black market, also known as the parallel market, opened with the local currency (abokiFx) at ₦1,618.00 per $1. Therefore, the current value of 100 dollars to naira on the black market is ₦162,000.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate of $1 | ₦1,615 |
| Selling Rate of $1 | ₦1,618 |
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 to Naira, Pounds to Naira, Euro to Naira Black Market Exchange Rates Today March 9, 2024
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.
Egypt Unexpectedly Hikes Interest Rates as Devaluation Looms.
Egypt has devalued its currency by approximately 35%, responding to its severe economic crisis with an unexpected interest rate hike. The pound plummeted to 48.18 per dollar, a significant drop from its stable rate of about 30.9 over the past year. The central bank’s decision to raise the key rate by 600 basis points to 27.25% and allow the market to determine the exchange rate aims to unify the nation’s exchange rates, crucial for potential agreements with the International Monetary Fund (IMF).
This strategic devaluation, facilitated by a recent $35 billion deal with the United Arab Emirates, has garnered investor attention. Egypt’s dollar bonds experienced a rally, with government debt due in 2047 leading the surge. Goldman Sachs economist Farouk Soussa anticipates a settling range of 45-50 for the currency, expressing confidence in the market due to the unexpected magnitude of the rate hike.
The devaluation aligns the pound closer to its black market value, addressing IMF recommendations to tighten monetary policy and adopt a more flexible official exchange rate to counter inflation, reaching almost 30%. The move, accelerated ahead of the Muslim holy month of Ramadan, aligns with the authorities’ goal to avoid a sudden price shock during this period of familial gatherings.
Analysts, including Ziad Daoud from Bloomberg Economics, predict a potential IMF deal in the near future, spurred by Egypt’s recent policy shifts. As Egypt navigates this economic transition, its bond spreads over US Treasury yields have narrowed, and the benchmark stock index has reached a record high, driven by gains in institutions like Commercial International Bank and benefiting exporters from a weakened domestic currency.
The IMF’s concern for Egypt’s economy, heavily dependent on foreign exchange inflows from tourism and Suez Canal fees, remains pronounced, especially amid Red Sea attacks affecting shipping through the canal. Societe Generale’s Gergely Urmossy suggests that if the central bank moves away from a hard peg, Egypt’s outlook could improve both cyclically and structurally. The short-term volatility in the
