Current Black Market Exchange Rate: Dollar to Naira – 16th July 2023
Key Points:
- The exchange rates of the Dollar to Naira in the black market on 16th July 2023.
- Various factors that impact the Dollar to Naira exchange rate.
- Official rates provided by VoiceofNigeria, including Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
Black Market Rate Today
If you’re looking for the black market rate of the Dollar to Naira today, here is the information you need. Please note that exchange rates are subject to frequent changes.
The official Naira black market rate today is provided by VoiceofNigeria, which 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) started the day at N805 for $1 in the black market and 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?
Several factors contribute to the fluctuation of the dollar-to-naira exchange rate. Here are some key factors:
- Inflation Rates: High inflation can impact black market rates. Controlling inflation and stabilizing the economy are crucial for maintaining the value of the naira.
- Interest Rates: Changes in interest rates set by banks can influence the economy. Higher interest rates may lead to a decline in the naira’s value.
- Government Debt: The level of government debt affects confidence in the economy. Increased investments can strengthen the naira, while insufficient investments can have a negative impact.
- Speculators: Speculators who anticipate changes in the naira’s value may influence its actual value through their actions, buying or selling large amounts accordingly.
- Trade Conditions: Favorable trade conditions, with Nigeria exporting more than importing, can contribute to a stronger naira. However, Nigeria’s current trade deficit may affect the value of the currency.
Frequently Asked Questions
Q1: What was the 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 the Dollar to Naira.
Q2: What was the official exchange rate set by the CBN for the Dollar to Naira on 16th July 2023?
Ans: The official exchange rates set by the CBN can vary and change frequently. It is advisable 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 financial news websites.
Q4: What were the exchange rates for other currencies like the British Pound and Euro against the Naira on 16th July 2023?
Ans: The exchange 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 provided above are subject to change as the forex market fluctuates. It is always recommended to check for the most recent rates before engaging in any currency transactions.
