Dollar to Naira Black Market Rate 2023 Today – 1 USD to NGN For This Month

Aboki Dollar To Naira Today Black Market 2023: All information about Dollar to Naira Black Market Rate will be discussed below. To know the exchange rate of $10, $20, $50 and $100 to Naira (₦), kindly read through this content.

Today, Monday, May 22, 2023, the USD is trading at 762 in the Black Market (Lagos). When the Black Market closed last week on Friday, May 19, 2023, the USD was trading at 765. This represents a -0.03% decline for the USD against the Naira this week.

Looking at this month, USD was trading at 757 at the start of May on Monday, May 1, 2023. As of today, the USD is trading at 762, representing a 0.05% increase in the USD to Naira exchange rate for the month.

Dollar to Naira Black Market Rate 2023 Today

According to 6 sell rates shared by users as comments, the dollar to Naira exchange rate in Nigeria black market is between 752 and 765, with an average of 758.67 today on 22/05/2023.

When we look at the last 7 days, between 11/05/2023 and 20/05/2023, we see that the Dollar to Naira black market rate ranged from 737 to 765, with an average of 749.03.

When we compare last week’s numbers to today’s (22/05/2023) rate, the average Dollar to Naira rate increased 9.64 points from 749.03 to 758.67, representing a 1.29% increase.

According to 4 buy rates shared by users as comments, the dollar to Naira exchange rate in Nigeria black market is between 750 and 755, with an average of 752.00 today on 22/05/2023.

Foreign Exchange Rate Influencing Factors

Here are some of the reasons for the 1 USD to NGN exchange rate’s decline.

Inflation Rates: It is common knowledge that inflation has a direct impact on black market exchange rates. The Naira will benefit if the Nigerian economy can be stabilized and inflation is controlled; however, if the Naira continues to fall, it may indicate that food and other necessities are becoming more expensive on a daily basis.

Interest Rates: Interest rates are another tool to keep an eye on. If the interest rate at which banks lend money rises, the economy will contract, and the value of the Naira will fall as a result.

Government debt has the potential to affect investor confidence and, as a result, the flow of funds into the economy. If inflows are high, the Naira exchange rate will rise in its favor.

Speculators: Speculators have a significant impact on the 1 USD to NGN exchange rate. They hoard money in anticipation of a profit, causing the Naira to fall even further.

Trade Conditions: Although Nigeria is currently running a trade deficit, favorable trade terms will boost the Naira’s value against the dollar. China, India, and the majority of Asian countries supply everything.