- The dollar to naira exchange rate on the black market as of 20th July 2023
- The factors that affect the dollar to naira exchange rate
- Information on the official and black market exchange rates for other major currencies
Today’s Black Market Dollar to Naira Rate (20th July 2023)
You can find the today’s Dollar to Naira black market rate on 20th July 2023 here on VoiceofNigeria.
Want to know the current dollar to naira rate on the black market? We have got it below.
Remember, the rates in the foreign exchange market change often.
VoiceofNigeria.org.ng has collected the data on the official and black market dollar to naira rates in Nigeria.
This includes the Black Market rates, the Bureau De Change (BDC) rates, and the Central Bank of Nigeria (CBN) rates.
The local currency (abokiFx) started the day at N825 per $1 on the parallel market, also known as the black market, today, Thursday, 20th July 2023 in Lagos, Nigeria. The previous day it ended at N825 per $1.
Aboki Exchange Rate in Nigeria Today (20th July 2023)
Here is the dollar to naira (USD to NGN) black market exchange rate today:
- Buying Rate: ₦820
- Selling Rate: ₦825
What Affects The Foreign Exchange Rate?
Here are some reasons why the dollar to naira rate can go up or down:
- Inflation Rates: If prices rise quickly (inflation), it can affect the black market rates. If Nigeria’s economy stays steady and inflation is under control, it’s good for the naira. But if the naira keeps falling, it means things like food might cost more every day.
- Interest Rates: The interest rates banks use to lend money is another thing to watch. If these rates go up, it could slow down the economy. That would make the naira less valuable.
- Government Debt: If the government owes a lot of money, it can make people less likely to invest in the economy. When more money comes into the economy, the naira does better.
- Speculators: Some people try to guess what the dollar to naira rate will do. They keep a lot of money, hoping to make a profit. This can make the naira fall even more.
- Trade Conditions: If Nigeria’s trade with other countries is going well, the naira can get stronger. Right now, Nigeria is buying more from other countries than it is selling. Lots of stuff comes from places like China, India, and other Asian countries.
Frequently Asked Questions
Q1: What is the current black market exchange rate for the Dollar to Naira on 20th July 2023?
The current black market exchange rate for the Dollar to Naira on 20th July 2023 is around ₦825 per $1.
Q2: Where can I find the official NAFEX rates?
The Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) rates can usually be found on the official website of FMDQ Group.