Dollar to Naira Black Market Exchange Rate today. You can now check dollar to naira black market here.
USD to Naira ( Black Market ) rate
|Highest||₦662:00||on 20, 2021|
|Lowest||₦477:00||on 12, 2021|
USD is being traded at ₦495 in Black Market(Lagos) today, Tuesday, June 22, 2021. USD has been traded at ₦499 when Black Market opened this week on Monday, June 21, 2021. This makes it -0.04% decline for USD against Naira this week.
When we look at this month, USD was traded at ₦492 at the beginning of this June on Tuesday, June 1, 2021. As at today with USD being traded at ₦495 we see a 0.03% rise for USD to Naira exchange rate for this month.
|USD to Naira||Naira|
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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.