Dollar to Naira Black Market Exchange Rate Today 27th July 2023

As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.

 

The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website.

 

Newsonline Nigeria reports that the dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those on the black/parallel market.

Dollar to Naira black Market Exchange Rate Today

 

The local currency opened at ₦870.00 per $1 at the parallel market otherwise known as the black market, today, Thursday, 27 July 2023, in Lagos Nigeria, after it closed at ₦870.00 per $1 on Wednesday, 26 July 2023.

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	₦863
Selling Rate	₦870

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

The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
7/25/2023	US DOLLAR	787.924	788.424	788.924
7/25/2023	POUNDS STERLING	1013.1915	1013.8344	1014.4774
7/25/2023	EURO	870.3409	870.8932	871.4455
7/25/2023	SWISS FRANC	909.7379	910.3152	910.8925
7/25/2023	YEN	5.5838	5.5873	5.5908
7/25/2023	CFA	1.2832	1.2932	1.3032
7/25/2023	WAUA	1034.6058	1035.2624	1035.9189
7/25/2023	YUAN/RENMINBI	110.399	110.4695	110.54
7/25/2023	RIYAL	210.0235	210.1567	210.29
7/25/2023	SOUTH AFRICAN RAND	44.8377	44.8662	44.8946

Factors Influencing Foreign Exchange Rate

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.