Dollar to Naira Black Market Exchange Rate today. You can now check dollar to naira black market here.
The dollar to naira black market rate, Lagos, Nigeria is 570₦ Buy and if you want to sell a dollar, the current rate is 560₦ sell .
What this means is that if you have 1 dollar that you want to exchange to naira in the black market (sell) , the amount is 560₦
On the other hand, if you want to buy dollar, the exchange rate is 570₦ Dollar , Today
Right now Dollars are traded in Lagos and Abuja at N570
Date Sell Buy September 17, 2021 570 560 September 16, 2021 565 557 September 15, 2021 562 552 September 14, 2021 557 550 September 13, 2021 550 543
Dollar to naira exchange rate for September 16, 2021
Let’s look at the previous Dollar rate for yesterday. As at yesterday being September 16, 2021 and Dollar to Naira traded and closed at N557
While local operators in Abuja bought dollar at N557, it was sold for N565
Dollar to naira exchange rate for September 15, 2021
Let’s look at the previous Dollar rate for two days back being September 15, 2021 and Dollar to Naira traded and closed at N552While local change operators in Lagos bought dollar at N552, it was sold for N562
Dollar to naira exchange rate for September 14, 2021
Let’s look at the previous Dollar rate for two days back being September 14, 2021 and Dollar to Naira traded and closed at N550
While local operators in Abuja bought dollar at N550, it was sold for N557
We have just given you today’s dollar to naira exchange rate found in the streets. What we mean by street is the rate you can get it from the Aboki or mallam / local BDC exchanger around you.
USD to Naira ( Black Market ) rate
|Highest||₦570:00||on 17, 2021|
|Lowest||₦505:00||on 06, 2021|
|USD to Naira||Naira|
USD is being traded at ₦570 in Black Market(Lagos) today, Friday, September 17, 2021. USD has been traded at ₦550 when Black Market opened this week on Monday, September 13, 2021. This makes it 0.20% rise for USD against Naira this week.
When we look at this month, USD was traded at ₦ at the beginning of this September on Wednesday, September 1, 2021. As at today with USD being traded at ₦570 we see a % for USD to Naira exchange rate for this month.
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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 to dollar 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.