Dollar to naira exchange rate today 8 July 2023, the black market rate can be accessed below.
Newsonline Nigeria has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
July 8 dollar to naira official exchange rate: $1 dollar to naira = N 769.5037
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 N 769.5037 per dollar on Saturday, 8 July 2023, after it closed at N769.4739 per $1 on Friday, 7 July 2023.
Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.
| 1 USD = 769.5037 NGN |
| 1 Dollars = 769.5037 Nigerian Naira |
| The USDNGN rate as of 8 Jul 2023 |
How much is 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 RATES July 8, 2023 (BLACK MARKET): dollar to naira exchange rate today black market
July 8 dollar to naira black market exchange rate: $1 dollar to naira = N790
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦786 |
| Selling Rate | ₦790 |
Lagos parallel market (black market dollar exchange rate today)
The local currency opened at N790.00 per $1 at the parallel market otherwise known as the black market, today, Saturday, 8 July 2023, in Lagos Nigeria after it closed at N790.00 per $1 on Friday, 7 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 Saturday, 8 July 2023. after they bought N786 and sold N790 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.
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.
