Black Market Dollar To Naira Exchange Rate For Today 07 July 2023

Black Market Dollar to Naira exchange rate for today, Friday 07 July 2023 has been obtained by this reporter.

Newsonline Nigeria has obtained the official dollar to the naira exchange rate in Nigeria today, including the Bureau De Change (BDC) rate and CBN rates.

This Nigeria News Platform understands that on Friday, the dollar costs more in the black market than in the official market, according to aggregators of both foreign exchange channels.

July 07 dollar to naira official exchange rate: $1 dollar to naira = #768.58

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at N768.58 per dollar on Friday, 7 July 2023, after it closed at N 774.5239 per $1 on Thursday, 6 July 2023.

Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.

How much is the exchange rate of Dollar to Naira in Black Market today?

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

Lagos parallel market (black market dollar exchange rate today)

 

The local currency opened at N786.00 per $1 at the parallel market otherwise known as the black market, today, Friday, 7 July 2023, in Lagos Nigeria after it closed at N784.00 per $1 on Thursday, 6 July 2023. This represents a change of N0 from the previous day.

 

Newsonline Nigeria reports that in the black market, the players buy a dollar for N786 and sell for N790 on Friday, 7 July 2023. after they bought N779 and sold N784 yesterday.

 

Meanwhile, Newsonline Nigeria reports that the USD started this week at ₦772 in Parallel Market also known as Black Market on Monday, July 4, 2023, in Lagos Nigeria. after it opened at N765 last week.

 

Factors Influencing Foreign Exchange Rates

Here are some 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 brought under control, 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 lead to an increase in 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.