Dollar to Naira black market exchange rate today September 6, 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 Wednesday, September 6 , 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 N895 and sell at N905 on Tuesday, September 5, 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.

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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 6 , 2023, is as follows:

• Buying rate: N1263.83/€
• Selling rate: 1265.83/€

This means that you can buy 1 euro for 1265.83 naira, and you can sell 1 euro for 1263.83 naira.

Pound To Naira Black market exchange rate ngnrates.

Pound to naira exchange rate at the Investors and Exporters (I&E) window on September 6 , 2023:

• Buying rate: 1,04.41 naira
• Selling rate: 1,065.80 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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Nigerian Capital Market Records N535.37 Billion Surge, Led by Dangote Sugar and Tantalizer

Meanwhile, in a significant boost for the Nigerian capital market, stocks including Dangote Sugar and Tantalizer contributed to a remarkable gain of N535.37 billion in market capitalization by the close of trading on Friday. This surge reflects the growing strength and confidence in the country’s financial markets.

Market Capitalization Growth

The value of investments at the capital market experienced a noteworthy increase, surging from N36.42 trillion to N36.95 trillion after just five hours of trading on that day. This substantial growth underscores the attractiveness of Nigerian stocks to both domestic and international investors.

All-Share Index Soars

The All-Share Index (ASI) also experienced a substantial increase, rising by 978.2 basis points to close at 67,527.19. This marked a significant uptick from the 66,548.99 ASI recorded by the bourse on the previous trading day. The ASI serves as a key indicator of the overall performance of the Nigerian Stock Exchange.

Trading Activity

Investors were actively engaged in the market, with a total of 503.74 million shares traded, valued at N6.91 billion, in 7,606 deals on Friday. While this represents a robust trading day, it fell slightly short of the previous day’s figures when shareholders traded 620.98 million shares worth N7.18 billion in 7,972 deals.

Top Gainers

Tantalizer emerged as the top gainer, with its share price surging by an impressive 10 percent, moving from N0.30 kobo to N0.33 kobo per share. This notable increase reflects renewed investor interest in the company.

Dangote Sugar also contributed significantly to the market’s positive performance, gaining N5.50 kobo to close at N60.50 kobo per share, surpassing its opening price of N55 per share.

Lasaco witnessed a positive shift in its share price, rising by N0.18 kobo from N1.80 kobo to N1.98 kobo per share.

Nascon achieved a notable gain of N5.05, moving from N50.55 kobo to N55.60 kobo per share.

The remarkable performance of these stocks signals growing investor confidence and optimism in the Nigerian capital market, and it will be closely monitored by market participants in the days ahead.

As the Nigerian capital market continues to attract attention and investment, stakeholders and analysts will be eager to assess the factors driving this surge and its potential implications for the broader economy.

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.