The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N710 and sell at N730 on Saturday November 12th 2022, according to sources at Bureau De Change (BDC).
How Much Is Dollar To Naira And The Official Exchange Rate Today, 12th, 2022?
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks. Also check their website cbn.gov.ng.
DOLLAR TO NAIRA BLACK MARKET RATE TODAY, 12th November, 2022
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | 710 |
| Buying Rate | 730 |
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.
Read Also: Dollar To Naira Black Market Exchange Rate Today – 11th November 2022
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.
Read Also: Dollar To Naira Black Market Rate Today, 24th August 2022
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.
(FAQs) Related to the USD to NGN Black Market Rate on that Date:
What was the official exchange rate on November 12, 2022?
On November 12, 2022, the official exchange rate provided by the Central Bank of Nigeria (CBN) was approximately ₦440.25 per USD.
Why was there a significant difference between the black market and official exchange rates?
The disparity between the black market and official exchange rates was due to factors such as limited access to foreign currency through official channels, high demand for USD in the parallel market, and economic uncertainties.
How did the black market rate change in the days following November 12, 2022?
By November 14, 2022, the black market exchange rate had depreciated further, reaching ₦780 per USD.
Is it legal to trade currency on the black market in Nigeria?
Trading currency outside of official channels is illegal in Nigeria. The Central Bank of Nigeria regulates foreign exchange transactions, and engaging in black market trading can lead to legal consequences.
Where can I find historical exchange rate data for USD to NGN?
Historical exchange rate data can be found on financial websites such as Exchange Rates UK and Wise, which provide daily records of both official and market rates.