Dollar to Naira, the Aboki exchange rate in Nigeria today, 25th May 2023 can be accessed below.
CrossRiverHub.Ng has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now.
What is the Dollar to Naira black market exchange rate today?
The local currency (AbokiFx) opened at N762.00 per $1 at the parallel market otherwise known as the black market, today, Thursday, May 25, 2023, in Lagos Nigeria, after it closed at N760.00 per $1 on Wednesday, May 24, 2023.
Black Market Exchange Rate Today 25th May 2023
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Factors Influencing Foreign Exchange Rates
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.
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.