The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N720 and sell at N739 on Saturday October 15th 2022, according to sources at Bureau De Change (BDC).
How Much Is Dollar To Naira And The Official Exchange Rate Today, 15th October 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, 15th October, 2022
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | 739 |
| Buying Rate | 720 |
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: How Much Is Dollar To Naira In Black Market Today, 14th October 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, October 2nd 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:
What was the black market exchange rate for USD to Naira on October 15, 2022?
On October 15, 2022, the black market exchange rate in Lagos was approximately ₦737 per US dollar for buying and ₦742 per US dollar for selling.
How did the black market rate compare to the official CBN rate on that date?
The official Central Bank of Nigeria (CBN) rate on October 15, 2022, was ₦435.20 per US dollar, significantly lower than the black market rate.
What factors contributed to the disparity between the black market and official exchange rates?
The disparity was primarily due to limited access to foreign exchange at official rates, leading individuals and businesses to seek dollars in the black market, where demand drove up the price.
Was the black market rate stable around mid-October 2022?
The black market rate showed slight fluctuations around mid-October 2022, with rates ranging between ₦731 and ₦742 per US dollar.
Is trading in the black market legal in Nigeria?
No, trading foreign exchange in the black market is illegal in Nigeria. The CBN mandates that all forex transactions be conducted through authorized dealers, and engaging in black market transactions can lead to legal consequences.