Dollar to Naira black market exchange rate today September 12, 2023 | Aboki Dollar to Naira Today

Stay informed about the Aboki Dollar to Naira exchange rate today and the dollar to naira black market exchange rate today Tuesday, September 12 , 2023. Get up-to-date information on the latest currency conversion rates.

What is the dollar to naira black market exchange rate today also known as the parallel market (Aboki fx)?

How much is a Dollar to Naira today black market?

Dollar to naira exchange rate today black market (Aboki Dollar to Naira Today).

Dollar To Naira Yesterday Black Market

The exchange rate for a dollar to naira black market exchange rate at Lagos (Parallel Market ) players buy a dollar for N914 and sell at N920 on Monday, September 11, 2023, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Central Bank of Nigeria (CBN) Naira Exchange Rates for banks.

Banks in Nigeria are now using I & E exchange rates in selling and buying Dollars.

Euro To Naira Black market exchange rate ngnrates.com

The euro to naira exchange rate on September 12 , 2023, is as follows:

• Buying rate: N1273.83/€
• Selling rate: 1275.83/€

This means that you can buy 1 euro for 1275.83 naira, and you can sell 1 euro for 1273.83 naira.

Pound To Naira Black market exchange rate ngnrates.

Pound to naira exchange rate at the Investors and Exporters (I&E) window on September 12 , 2023:

• Buying rate: 1,04.41 naira
• Selling rate: 1,075.80 naira

This means that you can buy 1 pound for 1,035.41 naira, and you can sell 1 pound for 1,035.80 naira.

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Nigeria, others’ crude oil boost OPEC+ output, tempers Saudi, Russia cut

Meanwhile, Crude Oil Production in Nigeria and Iraq Offset Saudi Arabia and Russia’s August Cuts, According to Platts Survey

A recent survey conducted by S&P Global Commodity Insights, published on the state of crude oil production in August, has revealed that the efforts of Saudi Arabia and Russia to cut production were offset by increased output from Nigeria and Iraq.

The report, which focused on August production activities, indicated that crude oil production from the OPEC+ group averaged 40.52 million barrels per day during that month, largely due to significant contributions from Iran, Iraq, and Nigeria.

Despite Saudi Arabia and Russia reducing their output by 100,000 barrels and 20,000 barrels per day, respectively, the overall crude production increased by 120,000 barrels per day.

The data also highlighted that OPEC’s 13 member countries collectively increased their production by 190,000 barrels per day compared to the previous month, while non-OPEC countries in the coalition reduced their output by 70,000 barrels per day.

In summary, the report underscores how Nigeria and Iraq played a crucial role in balancing the OPEC+ production levels during August, as Saudi Arabia and Russia implemented cuts.

Factors Influencing Foreign Black Market dollar to naira Exchange Rate

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.