Dollar to Naira black market Exchange Rate Today 30th May 2023

Dollar to Naira, Aboki Exchange Rate in Nigeria Today 30th May 2023

The exchange rate between the United States dollar (USD) and the Nigerian naira (NGN) is a topic of significant interest and importance for individuals and businesses operating in Nigeria. In recent years, the Aboki exchange rate has gained popularity as a key reference point for currency conversion. This article aims to provide a comprehensive overview of the Aboki exchange rate in Nigeria, focusing on the rate as of 30th May 2023.

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

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N760
Selling Rate N765

Factors Affecting the Dollar to Naira Exchange Rate

Several factors influence the dollar to naira exchange rate, including:

1. Economic Factors

Economic indicators such as inflation rates, interest rates, and GDP growth play a significant role in determining exchange rates. Inflation erodes the value of a currency, making it weaker against other currencies like the dollar.

2. Political Stability

Political stability or instability can impact exchange rates. Political uncertainties and conflicts can lead to a depreciation of the local currency, while stability tends to promote confidence and strengthen the currency.

3. Balance of Trade

The balance of trade, which represents the difference between a country’s exports and imports, affects the demand and supply of foreign currencies. A trade deficit can put downward pressure on the local currency’s value.