Black Market Dollar To Naira Exchange Rate Today 16th March 2023
The dollar to naira exchange rate on the parallel market otherwise known as the black market opened for exchange at the rate of ₦752 to the US Dollar (per $1).
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N747 and sell at N752 on Thursday 16th March 2023, according to sources at Bureau De Change (BDC).
Dollar to Naira Black Market Rate Today
The European Euro/Naira traded at 785 buy and 798 sell in the parallel market, according to Touchaheart. Similarly to this, the purchase rate for the British pound in Naira is 918, while the black market rate to sell a pound is 930.
Below you can see the chart for the official Nigerian Naira rate today compared to the Dollar.
1 USD = 460.3137 NGN1 Dollars = 460.3137 Nigerian NairaThe USDNGN rate as of 16 Mar 2023
The black market is an economic activity that takes place outside government-sanctioned channels. It is an illegal market where transactions usually occur “under the table” to let participants avoid government price controls or taxes.
Please be aware that the Central Bank of Nigeria (CBN) has directed people who want to trade in foreign exchange to go to their respective banks and does not acknowledge the parallel market (black market).
Factors Influencing Foreign Exchange Rates
Here are some of the 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 controlled, 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 increase 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: Touchaheart Nigeria neither determines nor sets foreign exchange prices. The FMDQOTC website is where you can find the official NAFEX prices. There are many places to find parallel market rates, including internet media outlets. The exchange rates at which you purchase or sell currency may vary from those described in this article.
