Aboki Dollar To Naira Today Exchange Rate 31 August 2023

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.

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.

GLAMTUSH