The exchange rate between the naira and the US dollar opened at ₦413.74 /$1 on Thursday 16 November 2021 and closed at ₦415.10/$1. Though, the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks. The exchange rate for a dollar to naira at Lagos and Abuja Parallel Market (Black Market) for today, Thursday, November 18th sells at N538/1$, and buy at ₦545 according to enquiring made by Onyxnewsng from the Bureau De Change (BDC) on Thursday Morning. Aug 25, Daily Black Market (Lagos Parallel Market) Exchange Rates for Dollar to Naira, Euro to Naira, Pound to Naira, Cedi to Naira, CFA XOF to Naira, Can I. How much is exchange rate of Dollar to Naira in Black Market today? The official exchange rate between the naira and the US dollar opened at ₦413.19/$1 on Thursday 18th November, after it closed at ₦415.10 to a $1 on Wednesday, 17th November 2021, according to FMDQ Security Exchange where forex is officially traded. The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it, Emefiele said. The official rate today, Thursday, November 18th, for $1 dollar to naira = ₦413.19/$1. On Friday as report by Newsone Nigeria, Naira was quoted at 570 to the dollar at the parallel market (black market) on the platform, though the CBN had described it as an illegitimate market. We import everything from China, India and most of Asians countries.How Much Is Dollar To Naira Exchange Rate Today Official Rate? Thursday, 5th August 2021: The exchange rate between the naira and the US dollar closed at N411.25/1 at the official Investors and Exporters window. Earlier yesterday, the exchange rate on the parallel market was N385, but dramatically the rate changed to N400 by last night. Naira falls at black market as dollar supply drops by 18.14. Naira slumps furthers between N391-N400 against USD1 today. TERMS OF TRADE: favourable terms of trade will lead to increase in the value of Naira to dollar but unfortunately Nigeria is experiencing an imbalance terms is trade. Naira to Dollar black market today, hits N400 against 1 US dollar. They hoard money in anticipating gain and this makes naira to fall further. SPECULATION: most times naira to dollar exchange rate are influenced because of speculators. If inflows are high naira exchange rate will appreciate favourably to the Naira. This online news platform understands that the United States of America official currency, the dollar crashed throughout the week, trading at 560 for a dollar with Bureau De Change (BDC) operators buying between 555 and 557. News Center Nigeria gathered that US dollar crashed throughout last week as Naira closed the week at 560 with massive gain of 8 at the parallel market also known as the black market. GOVERNMENT DEBT: National debt can influence investors confidence and subsequently inflow of dollars into the economy. Naira has gained massively at black market as dollar continues to fall. If the rate at which bank lends money out goes up then it will reflect negatively on the economy, making the economy to contract and hence naira will suffer a fall in value. INTEREST RATES: interest rates is another instrument to watch.
If the Nigerian economy can be stable and inflation put under control, it will impact positively on the Naira but on the other hand if the Naira continues to nose dive down it could tell that the prices of food and other basic necessities are getting higher on daily basis. INFLATION RATES: inflation is known to have a direct impact on blackmarket exchange rate. Here are factors we have identified that make naira or exchange rate to fluctuate.
Key Factors that Affect Foreign Exchange Rates A change of $17 dollars compared to last Monday when it opened at ₦532 per dollar.
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