EDITOR’S PICKS
IMPORTANT NOTE: The exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦742 and ₦745, and the price can change (high or low) within hours.
In the parallel market, Aboki refers to the Hausa people who buy and sell dollars in the streets of Lagos and other major cities in Nigeria.
How much is naira to dollar in black market today? Many of the dealers said they have struggled to trade after abokiFX.com, a website that collates parallel market rates in Lagos, stopped publishing parallel market rates in September 2021, after the Central Bank of Nigeria threatened its owner.
January 16 dollar to naira black market exchange rate: $1 dollar to naira = ₦745
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦742 |
| Selling Rate | ₦745 |
The local currency opened at N745.00 per $1 at the parallel market otherwise known as the black market today Monday, 16 January 2023, in Lagos Nigeria, after it closed at N745 per $1 on Sunday, 15 January 2023.
Even though the dollar to naira opened in the parallel market at N745 per $1 today, Eko Hot Blog reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Eko Hot Blog reports that in the black market, the players buy a dollar for N742 and sell for N745 on Monday morning, January 16, 2023, after they purchased N742 and sold for N745 on Sunday, 15 January 2023.
Meanwhile, Eko Hot Blog reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 16, 2023, in Lagos Nigeria, after it opened at ₦747 last week Monday, January 9, 2023.
FURTHER READING
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.
Click to watch our video of the week
Kwara State's former Commissioner and PDP stalwart, Abdulraheem Adisa, has passed away at 91 in…
Lagos State Emergency Management Agency (LASEMA) says a fire outbreak at the Federal Institute of…
Nigerian Celebrity Marriage Tiwa Savage and Tee Billz Marriage crashed in 2018 The Female Music…