Black Market Dollar to Naira Today – A Snapshot of the Economy
- This article tells the dollar to naira rate today, 17th July 2023.
- It explains factors affecting the exchange rate.
- This is useful if you’re interested in the Nigerian economy.
Today’s Rate – 17th July 2023
GoldenNewsNg tells the dollar to naira rate for 17th July 2023. You might want to know the black market exchange rate. The rate changes often, so the rate below is for today.
The local money, abokiFx, started at N805 for $1. This was at the black market in Lagos, Nigeria. It ended the day before at N810 for $1.
Aboki Exchange Rate Today, 17th July 2023
Here is the black market exchange rate for dollar to naira (USD to NGN) today:
- Buying Rate: ₦805
- Selling Rate: ₦810
Factors Shaping Exchange Rate
Now, let’s talk about the reasons behind these rates. Here are some things that affect the dollar-to-naira rate.
Inflation affects exchange rates a lot. If Nigeria’s economy stays stable and inflation is controlled, the naira will get stronger. But, if the naira keeps falling, it means food and other needs will get more costly.
Interest rates also affect the economy. If the rate for bank loans increases, it could hurt the economy. This could make the value of the naira drop.
National debt can affect how investors feel. This then affects how much money comes into the economy. If a lot of money comes in, the naira exchange rate could get better.
Speculators can change the naira-to-dollar rate. They hold onto money, hoping to make a profit. This can make the naira fall even more.
Good trade terms can make the naira stronger compared to the dollar. But right now, Nigeria has a trade deficit. Most things come from China, India, and other Asian countries.
To sum up, many factors affect the exchange rate between the dollar and the naira. It’s a complex topic, but important to understand. Keep in mind, rates can change fast, so stay updated. If you’re interested in Nigeria’s economy, keep an eye on these factors.
Frequently Asked Questions
The black market exchange rate for Dollar to Naira on 17th July 2023 is as follows: Buying Rate: ₦805; Selling Rate: ₦810.
The Central Bank of Nigeria (CBN) doesn’t disclose daily exchange rates. Please visit the official CBN website for the most accurate information.
The official NAFEX (Nigerian Autonomous Foreign Exchange Rate Fixing) rates can be found on the website of the Financial Market Dealers Quote (FMDQ) Group.
Exchange rates for other currencies such as the British Pound and Euro against the Naira fluctuate daily. For the most accurate and up-to-date rates, it’s best to refer to a reliable financial news source or a currency exchange platform.