Dollar (USD) to naira black market exchange rate today

USD to Naira ( Black Market ) rate

Updated on Dec 02, 2020
Buy : ₦480:00   -3.03%
Sell : ₦450:00   -3.03%
Reverse rate | NGN to USD 1NGN = 0.0021 USD
Previous day comparison
Change ₦-15:00
%Change -3.03%
Last 30 days High/Low
Highest ₦500:00 on Nov 30, 2020
Lowest ₦465:00 on Nov 06, 2020
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Black Market (sell)
Black Market (buy)

Dollar to Naira Black Market Exchange Rate today. You can now check dollar to naira black market.

rate for Dollar to Naira exchange rate.
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usd to ngn black market today.
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Key Factors that Affect Foreign Exchange Rates

Here are factors we have identified that make naira or exchange rate to fluctuate.

INFLATION RATES: inflation is known to have a direct impact on blackmarket exchange rate. 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.

INTEREST RATES: interest rates is another instrument to watch. 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.

GOVERNMENT DEBT: National debt can influence investors confidence and subsequently inflow of dollars into the economy. If inflows are high naira exchange rate will appreciate favourably to the Naira.

SPECULATION: most times naira to dollar exchange rate are influenced because of speculators. They hoard money in anticipating gain and this makes naira to fall further.

TERMS OF TRADE: favourable terms of trade will lead to increase in the value of naira but unfortunately Nigeria is experiencing an imbalance terms is trade. We import everything from China, India and most of Asians countries.

RECESSION: recession is a stress on the economy. This scares investors and direct investment away from the economy. Nigeria experienced recession in 2016 and a third recession in 2020 due to fall in oil price and Covid-19 impact on world economy.

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