Discover Today’s Dollar to Naira Exchange Rate in Nigeria, July 15, 2023, on Cross River Hub.
Want to know the current black market exchange rate of the Dollar to Naira? Check out the latest black market rate of the Dollar to Naira today below. You can exchange your Dollar for Naira at these rates.
Cross River Hub has obtained the official Naira black market exchange rate in Nigeria today, including rates from the Black Market, Bureau De Change (BDC), and CBN.
Please note that the exchange rate can fluctuate hourly due to the supply and demand of dollars in the market. At present, you can buy 1 dollar for ₦805 and sell it for ₦810. However, keep in mind that the rate may change (either increase or decrease) within a few hours.
Explore Today’s Aboki Exchange Rate in Nigeria
The local currency (AbokiFx) started the day at ₦805.00 per $1 in the parallel market, also known as the black market, today, on Saturday, June 15, 2023, in Lagos, Nigeria.
| Dollar to Naira (USD to NGN) | Today’s Black Market Exchange Rate |
| Buying Rate | ₦805 |
| Selling Rate | ₦810 |
Disclaimer: Cross River Hub does not determine or set forex rates. The official NAFEX rates are sourced from the FMDQOTC website.
Factors Affecting Foreign Exchange Rate
Discover the reasons behind the fluctuating dollar-to-naira exchange rate.
Inflation Rates: Inflation has a direct impact on black market exchange rates. If the Nigerian economy stabilizes and inflation is controlled, it benefits the naira. However, if the naira continues to decline, it may indicate daily increases in the cost of food and other essentials.
Interest Rates: Keep an eye on interest rates as well. If banks increase lending rates, it can harm the economy, leading to contraction and a decrease in the value of the naira.
Government Debt: National debt can affect investor confidence and the flow of funds into the economy. High inflows favor the naira and lead to an increase in its exchange rate.
Speculators: Naira-to-dollar exchange rates are often influenced by speculators. They accumulate money in anticipation of profits, driving the naira even lower.
Trade Conditions: Favorable trade terms boost the value of the naira against the dollar. However, Nigeria currently faces a trade deficit, with most goods coming from China, India, and other Asian countries.
