Black Market Dollar to Naira Exchange Rate in Nigeria for today, Wednesday, 7th June 2023 can be accessed below.
NewsOnline 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, you can purchase 1 dollar at ₦747 and sell it at ₦750, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.
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What the Black market operators are saying
Abu, a black market operator in Lagos, told NewsOnline Nigeria that he had just witnessed an unexplained jump in demand.
- “The market is highly unpredictable; demand is too high. My dollar rate is N775/$, but by tomorrow it may have increased,” he said.
Musa, another operator, told NewsOnline Nigeria that there had been an increased dollar scarcity because of the unstable prices. He said:
- “The dollar price has become too unstable, and it is also difficult to get. I don’t have to sell now, which may be holding out for a higher price.”
Suleiman said the spike in demand started after the CBN announced the introduction of the new naira notes. He said:
- “Honestly, I don’t understand the demand. Since the CBN announced the new naira, there has been an increase in demand,” he added. “The man wan scatter everything.” (sic)
Aboki Exchange Rate in Nigeria today: What is the Dollar to Naira black market exchange rate today?
The local currency (abokiFx) opened at N750.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, June 7, 2023, in Lagos Nigeria, after it closed at N745.00 per $1 on Tuesday, June 6, 2023.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦747 |
| Selling Rate | ₦750 |
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.
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.
FAQs About Aboki Exchange Rate in Nigeria Today
How much is $1 in Nigeria black market today?
How much is $1 in Nigeria black market today: The dollar to naira Aboki exchange rate in Nigeria today is N750 today, Wednesday, June 7, 2023. As of now, you can purchase 1 dollar at ₦747 and sell it at ₦750
How much is 1 dollar to Naira selling rate?
How much is 1 dollar to Naira selling rate: The dollar to naira Aboki exchange rate in Nigeria today is N750 today, Wednesday, June 7, 2023. As of now, you can purchase 1 dollar at ₦747 and sell it at ₦750
How much is 1 dollar in UBA bank?
How much is 1 dollar in UBA bank: The dollar to naira exchange rate in Nigeria today at the official rate is 461.42.
| 1 USD = 461.42 NGN |
| 1 Dollars = 461.42 Nigerian Naira |
| The USDNGN rate as of 7 Jun 2023 at 8:00 AM |
How much is $1 to Naira in black market?
How much is $1 to Naira in black market: Newsonline reports that $1 to Naira in black market is N750 today, Wednesday, June 7, 2023.
How much is $1 dollar in Nigeria now?
How much is $1 dollar in Nigeria now: NewsOnline reports that $1 dollar in Nigeria is N750 today, Wednesday, June 7, 2023. As of now, you can purchase 1 dollar at ₦747 and sell it at ₦750
How much is $100 in black market today?
How much is $100 in black market today: NewsOnline reports that $100 in black market today is N75,000 today, Wednesday, June 7, 2023.
