Dollar To Naira Black Market Rate Today 6 August 2023 | Aboki fx rate

Dollar to Naira black market exchange rate in Nigeria for today August 6, 2023, can be accessed on Ejes Gist News .

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Dollar To Naira Yesterday Black Market

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N870 and sell at N876 on Saturday, 5 August 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

Euro To Naira Black market exchange rate ngnrates.com

The euro to naira exchange rate on August 4, 3034, is as follows:

• Buying rate: N866.73/€
• Selling rate: 863.73/€

This means that you can buy 1 euro for 866.73 naira, and you can sell 1 euro for 863.73 naira.

Pound To Naira Black market exchange rate ngnrates.

Pound to naira exchange rate at the Investors and Exporters (I&E) window on August 4, 3034:

• Buying rate: 1,048.41 naira
• Selling rate: 1,048.60 naira

This means that you can buy 1 pound for 1,048.41 naira, and you can sell 1 pound for 1,048.60 naira.

Factors Influencing Foreign Black Market dollar to naira Exchange Rate

Here are some of the causes of the dwindling dollar-to-naira exchange rate.

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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.