Dollar To Naira Black Market Exchange Rate Today: 18th Oct 2023- Aboki FX | Jobmulla.com
Get the latest update on the Dollar to Naira Black Market Exchange Rate for October 18, 2023. Discover the current exchange rates, factors affecting the rates, and insights on the Nigerian economy’s performance.
Dollar to Naira exchange rates are crucial indicators of economic stability and financial well-being. For those closely monitoring these rates, this article provides insights into the Dollar to Naira Black Market Exchange Rate as of October 18, 2023.
How much is a dollar to Naira today in the black market?
As of October 18, 2023, the exchange rate for a dollar to Naira at Lagos Parallel Market (Black Market) shows that players buy a dollar for N1050 and sell it at N1060, according to sources at Bureau De Change (BDC).
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today Buying Rate Selling Rate:
Please keep in mind that the actual rates at which you buy or sell forex may vary from the figures provided in this article due to market fluctuations.
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks:
It’s essential to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) for forex transactions. The CBN has directed individuals interested in Forex transactions to approach their respective banks.
Below, you can find the chart for the Nigerian Naira rate today compared to the Dollar, as of October 18, 2023, at 8:00 AM:
1 USD = 775.44 NGN
Factors Influencing Foreign Exchange Rate:
Several factors influence the fluctuating Dollar to Naira exchange rate. Understanding these influences can provide insights into the state of the Nigerian economy. Some key factors include:
1. Inflation Rates: Inflation directly impacts black market exchange rates. If Nigeria can stabilize its economy and control inflation, it will positively affect the Naira’s value. Conversely, if the Naira continues to depreciate, it may indicate rising costs of essentials such as food.
2. Interest Rates: Monitoring interest rates is vital. If banks increase the interest rates for lending money, it can negatively impact the economy, leading to contraction and a weaker Naira.
3. Government Debt: National debt plays a significant role in investor confidence and the flow of funds into the economy. High inflows can strengthen the Naira exchange rate.
4. Speculators: Speculators can significantly influence the Naira-to-Dollar exchange rate. Their actions, like stockpiling money for potential gains, can contribute to a further decline in the Naira’s value.
5. Trade Conditions: Favorable trade terms can boost the Naira’s value against the Dollar. However, Nigeria currently faces a trade deficit, with a substantial portion of its imports coming from countries like China and India.
Disclaimer:
Jobmulla.com does not establish or determine forex rates. Official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are sourced from various outlets, including online media platforms. Please be aware that the rates you buy or sell forex may differ from those presented in this article. Stay informed and consider multiple sources for the most accurate exchange rate information.