How much is dollar to naira in black market?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N730 and sell at N750 on Sunday October 23rd 2022, according to sources at Bureau De Change (BDC).
How Much Is Dollar To Naira And The Official Exchange Rate Today, 23rd 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, 23rd October, 2022
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | 750 |
| 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, 20th 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 NGN on October 23, 2022?
While the exact black market rate for October 23, 2022, isn’t specified, data indicates that the rate was approximately ₦755/$1 on October 21 and around ₦753/$1 on October 24. Therefore, it’s reasonable to infer that the rate on October 23 was within this range.
How did the black market rate compare to the official rate on that date?
On October 23, 2022, the official exchange rate was about ₦433.57/$1. This indicates a significant disparity between the official and black market rates, with the black market rate being substantially higher.
Why was there such a significant difference between the official and black market rates?
The disparity between official and black market rates often arises due to factors like limited access to foreign currency through official channels, leading individuals and businesses to seek alternative sources. Additionally, economic policies, inflation, and foreign exchange reserves can influence these rates.
Where can I find historical black market exchange rates for the naira?
Historical black market rates can be found on platforms like Nairametrics, which provides daily updates and analyses of currency exchange rates in Nigeria.
How reliable are black market exchange rates compared to official rates?
Black market rates reflect the real-time demand and supply dynamics of foreign currency in the informal sector. While they offer a more immediate picture of currency value on the street, they are not regulated by official financial institutions and can be more volatile. Official rates, on the other hand, are set by the Central Bank and may not always reflect the actual market demand.