Dollar to Naira today black market Abokifx – September 16, 2023

Stay well-informed about today’s Dollar to Naira black market exchange rate and the Abokifx Dollar to Naira exchange rate on this Saturday, September 16, 2023. Access current Abokifx exchange rate in Nigeria today black market and accurate information regarding the most recent Black market exchange rate today & currency conversion rates.”

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 N915 and sell at N920 on Friday, September 15, 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.

The CBN Naira to Dollar exchange rate yesterday, closed at N784.74 per dollar.

Dollar to Naira CBN and Bank Exchange rate today

CBN Official naira to dollar rate today

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 naira, and you can sell 1 euro for 1573.83 naira.

Pound To Naira Black market exchange rate ngnrates.

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

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 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.

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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.