Current Black Market Exchange Rate: Dollar to Naira – 16th July 2023
- Exchange rates of Dollar to Naira in the black market on 16th July 2023.
- Various factors impacting the Dollar to Naira exchange rate.
- The official rates by VoiceofNigeria, Black Market rates, Bureau De Change (BDC), and CBN rates.
Black Market Rate Today
Looking for the black market rate of Dollar to Naira today? Check it out below. You can change your dollars into naira. But remember, rates change a lot.
Today’s official Naira black market rate is provided by VoiceofNigeria. It includes the Black Market rates, the Bureau De Change (BDC) rates, and the CBN rates.
On Sunday, 16th July 2023, in Lagos Nigeria, the local currency (abokiFx) began the day at N805 for $1. This is in the black market. It ended the day at N810 for $1.
Today’s Aboki Exchange Rate – 16th July 2023
Here are the Aboki exchange rates for Dollar to Naira (USD to NGN) today:
Buying Rate: ₦805
Selling Rate: ₦810
What Affects the Exchange Rate?
Let’s talk about why the dollar-to-naira rate keeps changing.
When prices go up (inflation), it affects the black market rates. If Nigeria can control inflation and stabilize its economy, it’s good for the naira. But, if naira’s value falls, things like food may become more expensive.
Interest rates matter too. If banks start charging more to lend money, it can hurt the economy. This can make the naira’s value fall.
The money that the government owes can affect how much people trust the economy. If lots of money comes into the economy, it’s good for the naira. If not, it’s bad.
People who hope to make money by guessing what will happen to the naira can affect its value. If they think naira’s value will go up, they might buy lots of it. This can make the naira’s value go down even more.
If Nigeria can trade more with other countries, it’s good for the naira. Right now, Nigeria buys more than it sells. A lot of things come from China, India, and other Asian countries.
Frequently Asked Questions
Q1: What is the current black market exchange rate for the Dollar to Naira on 16th July 2023?
Ans: On 16th July 2023, the black market exchange rate was N805 for buying and N810 for selling Dollar to Naira.
Q2: What is the official exchange rate set by the CBN for Dollar to Naira on 16th July 2023?
Ans: The CBN rates change often. It’s best to check their official website for the exact rate on 16th July 2023.
Q3: Where can I find the official NAFEX rates?
Ans: You can find the official NAFEX rates on the Nigeria Stock Exchange website or on financial news websites.
Q4: What are the exchange rates for other currencies like the British Pound and Euro against the Naira on 16th July 2023?
Ans: Rates for the British Pound and Euro against the Naira on 16th July 2023 can be found on financial news websites or forex trading platforms.
Disclaimer: The rates shown above are subject to change as the forex market fluctuates. Always check for the most recent rates before performing any transactions.