Naira to Dollar black market exchange rate today September 14, 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 Thursday, September 14 , 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 Wednesday, September 13, 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 N756.57 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 14 , 2023, is as follows:

• Buying rate: N1473.83/€
• Selling rate: 1475.83/€

This means that you can buy 1 euro for 1475.83 naira, and you can sell 1 euro for 1473.83 naira.

Pound To Naira Black market exchange rate ngnrates.

Pound to naira exchange rate at the Investors and Exporters (I&E) window on September 14 , 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’s Crude Oil Dominance in Trade Yet Minimal Contribution to Economic Growth: NBS Reports

Meanwhile,  Recent reports from the National Bureau of Statistics (NBS) have shed light on the paradoxical role of crude oil in Nigeria’s economic landscape. Despite its substantial contribution to the nation’s trade merchandise, crude oil appears to make only a modest impact on economic growth.

These revelations were unveiled in two separate reports by NBS, focusing on the second quarter of 2023 data for Foreign Trade and Gross Domestic Product (GDP). RipplesMetrics, an analytical platform, has closely examined these reports to gain insights into the complex relationship between trade and economic growth in Nigeria.

**Trade Performance:** According to the NBS, Nigeria’s total foreign trade for Q2 2023 amounted to a significant N12.7 billion. The data revealed that exports experienced an 8.15 percent increase, reaching N7.02 billion, while imported goods rose by 2.99 percent, totaling N5.6 billion.

**GDP Growth:** In parallel, Nigeria’s Gross Domestic Product experienced a slight uptick, reaching 2.51 percent in the second quarter of 2023, up from the 2.31 percent recorded in the previous quarter. The report clarified that the Nominal GDP reached N52.1 trillion, with the Real GDP standing at N17.72 trillion.

The juxtaposition of these figures raises questions about the relationship between trade, particularly the crude oil sector, and economic growth. Despite the dominant position of crude oil in Nigeria’s trade portfolio, its contribution to economic development appears to be less substantial than expected.

Analysts have suggested that this performance may be influenced by policies enacted under the leadership of President Bola Tinubu. These policies, aimed at reshaping the country’s economic landscape, could be affecting the nation’s ability to adapt swiftly, resulting in a more pronounced impact on trade and transportation sectors.

As Nigeria continues to navigate economic challenges and growth prospects, the reports from NBS underscore the complexity of the nation’s economic dynamics. It remains to be seen how policy adjustments and strategic initiatives will shape the future balance between trade and economic growth.

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.