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Home Business & Brands

Aboki Dollar To Naira Today Exchange Rate 31 August 2023

byGLAMTUSH
August 31, 2023
in Business & Brands
Reading Time: 4 mins read
Dollar To Naira
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Aboki dollar to naira today exchange rate 31 August 2023 can be accessed below.

 

How much is a dollar to naira black market today 31 August 2023?

 

Dollar to naira exchange rate today black market (Aboki dollar rate): The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N910 and sell at N925 on Thursday, 31 August 2023, according to sources at Bureau De Change (BDC).

 

Aboki dollar to naira today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N845
Selling Rate N855

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Central Bank of Nigeria (CBN) Naira Exchange Rates for banks

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
8/18/2023 US DOLLAR 743.635 744.135 744.635
8/18/2023 POUNDS STERLING 946.7961 947.4327 948.0693
8/18/2023 EURO 808.3312 808.8747 809.4182
8/18/2023 SWISS FRANC 843.6975 844.2648 844.8321
8/18/2023 YEN 5.119 5.1124 5.1259
8/18/2023 CFA 1.2187 1.2287 1.2387
8/18/2023 WAUA 990.6204 991.2864 991.9525
8/18/2023 RIYAL 198.1864 198.3197 198.4529
8/18/2023 DANISH KRONA 108.4633 108.5362 108.6091
8/18/2023 SDR 989.5551 990.2204 990.8858

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

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Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.

1 USD = 765.92 NGN
1 Dollars = 765.92 Nigerian Naira
The USDNGN rate as of 31 Aug 2023

Factors Influencing Foreign Exchange Rate

Here are some of the causes of the dwindling dollar-to-naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

 

Disclaimer: GLAMTUSH does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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