Dollar to Naira Today black market Sep 24 2023: Abokifx dollar rate Today

The Dollar to Naira black market exchange rate today Sunday, September 24, 2023, including Abokifx dollar rate Today.

Access the current Abokifx exchange rate in Nigeria today black market and accurate information regarding the most recent dollar to naira black market exchange rate today & currency conversion rates.”

Dollar to Naira black market yesterday

The exchange rate for a dollar to naira black market exchange rate at Lagos (Parallel Window ) players buy USD for N995 and they sell at N1000 on Saturday, September 23, 2023, this according to date obtained by Ejes Gist Newspaper from Bureau De Change (BDC).

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

100 dollars to Naira black market today is ₦99500

Please, it is very important note that the rates at which 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.

See Dollar to Naira exchange rate: CBN and Banks – Sep 24, 2023

Euro To Naira Black market exchange rate ngnrates.com

The euro to naira exchange rate on September 15 , 2023, is as follows:

• Buying rate: N1573.83/€
• Selling rate: 1575.83/€

This means that you can buy 1 euro for ₦1575.83 , and you can sell 1 euro for ₦1573.83 .

Pound To Naira Black market exchange rate ngnrates.

Pound to naira exchange rate at the Investors and Exporters (I&E) window on September 15 , 2023:

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

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

Why Exchange Rates Matter

Understanding exchange rates is not only for currency traders but also for businesses involved in international trade, travelers planning trips abroad, and anyone conducting financial transactions that involve converting between the Naira and Dollar. These rates can affect prices, profits, and the overall economic landscape

Factors Influencing Foreign USD to Naira Exchange Rate.

The following are the facts responsible for the depreciation of the Nigerian currency.

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.

Advertisement

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 Nigerian currency..

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.