Naira
IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at a certain rate and the price can change (high or low) within hours.
Newsonline Nigeria reports that the Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).
The local currency opened at ₦867.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 1 August 2023, in Lagos Nigeria, after it closed at ₦867.00 per $1 on Monday, 31 July 2023.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦862 |
| Selling Rate | ₦867 |
Even though the dollar to naira opened in the parallel market at ₦867 per $1 today, Newsone reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
| NGN | USD BUY / SELL | GBP BUY / SELL | EUR BUY / SELL |
|---|---|---|---|
| 31/07/2023 | 862 / 867 | 1155 / 1165 | 935 / 942 |
| 31/07/2023 | 865 / 870 | 1160 / 1170 | 930 / 940 |
| 31/07/2023 | 860 / 867 | 1160 / 1170 | 940 / 950 |
Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.
| 1 USD = 775.7075 NGN |
| 1 Dollars = 775.7075 Nigerian Naira |
| The USDNGN rate as of 31 Jul 2023 at 9:04 AM |
Newsonline Nigeria reports that on the black market, the players buy a dollar for ₦862 and sell for ₦867 on Monday, July 31, 2023, after they bought ₦862 and sold for ₦867 on Sunday, July 30, 2023.
Meanwhile, Newsonline Nigeria reports that the USD started this week at ₦865 in Parallel Market also known as Black Market on Monday, July 31st, 2023, in Lagos Nigeria. after it opened at ₦ 840 last week Monday, July 24, 2023.
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 favor 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.
Disclaimer: NEWSONLINE NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
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