Glamtush
No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
No Result
View All Result
Glamtush
No Result
View All Result
Home Business & Brands

Dollar To Naira Black Market Rate Today 8th June 2023

Dollar to naira black market rate today 8th June 2023 can be accessed below.

byGLAMTUSH
June 8, 2023
in Business & Brands
Reading Time: 4 mins read
Dollar Rate Today
Share on FacebookShare on TwitterShare on PinterestShare on WhatsappShare on LinkedinShare on Telegram

Dollar to naira black market rate today 8th June 2023 can be accessed below.

What is the Dollar to Naira black market exchange rate today? See the black market dollar to naira exchange rate today below. You can swap your dollar for naira at these rates.

Glamtushhas obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at ₦758 and sell it at ₦763, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

 

READ ALSO

Empowering Women At Work: How Union Bank’s Family-Friendly Revolution Is Setting New Standards

Union Bank Responds To High Court Ruling On NICON Investments Limited, Global Fleet And Jimoh Ibrahim Case

Dollar (USD) To Naira Black Market Rate Today

Glamtush reports that the local currency (abokiFx) opened at N763.00 per $1 at the parallel market otherwise known as the black market, today, Thursday, June 8, 2023, in Lagos Nigeria, after it closed at N753.00 per $1 on Wednesday, June 7, 2023.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦758
Selling Rate ₦763

Factors Influencing Foreign Exchange Rates

Foreign exchange rates play a vital role in the global economy, influencing trade, investments, and financial transactions. Understanding the factors that affect exchange rates is crucial for individuals and businesses operating in international markets. In this article, we will explore the key factors that influence foreign exchange rates and their implications.

Introduction

Foreign exchange rates refer to the value of one currency relative to another. These rates fluctuate continuously due to various factors that impact currency supply and demand. Let’s delve into the main factors that influence foreign exchange rates and shape the currency market.

Supply and Demand

The exchange rate between two currencies is primarily determined by the interaction of their supply and demand. When a currency is in high demand, its value tends to rise. Conversely, when there is an oversupply of a currency, its value may depreciate. Factors such as economic strength, investor sentiment, and market speculation influence the supply and demand dynamics of a currency.

Economic Factors

Economic indicators play a significant role in determining exchange rates. Factors such as Gross Domestic Product (GDP) growth, employment rates, inflation, and trade balance impact the value of a currency. Countries with strong economic performance and positive indicators often experience appreciation in their currency value.

Interest Rates

Interest rates set by central banks have a direct impact on exchange rates. Higher interest rates attract foreign investors seeking better returns, increasing the demand for the currency and causing it to appreciate. Lower interest rates can have the opposite effect, reducing demand and potentially leading to depreciation.

Inflation

Inflation refers to the increase in prices of goods and services over time. The level of inflation in a country affects its currency value. High inflation erodes the purchasing power of a currency, leading to depreciation. Conversely, low inflation or deflation can result in currency appreciation.

Political Stability

Political stability is an essential factor influencing exchange rates. Countries with stable political environments and effective governance tend to attract more investments, increasing the demand for their currency. On the other hand, political instability, social unrest, or geopolitical tensions can weaken a currency’s value.

Government Intervention

Governments and central banks often intervene in currency markets to manage their currency’s value. They may employ various strategies, such as buying or selling currencies, implementing capital controls, or adjusting interest rates. These interventions aim to stabilize exchange rates, support economic policies, or gain a competitive advantage in global trade.

Market Sentiment

Market sentiment, driven by investor confidence and risk appetite, significantly influences exchange rates. Positive market sentiment attracts investments and strengthens the demand for a currency, leading to appreciation. Negative sentiment, fueled by economic uncertainties or geopolitical risks, can cause a currency to depreciate.

Speculation and Investor Behavior

Speculation and investor behavior can introduce volatility to exchange rates. Currency traders and investors closely monitor economic data, news events, and technical indicators to make trading decisions. Their collective actions and expectations shape market sentiment, leading to short-term fluctuations in exchange rates.

Trade Balance

The trade balance, representing the difference between a country’s exports and imports, affects its currency value. A trade surplus, where exports exceed imports, can strengthen a currency. Conversely, a trade deficit, where imports surpass exports, may lead to currency depreciation.

Capital Flows

Capital flows, including foreign direct investment (FDI) and portfolio investment, impact exchange rates. Countries that attract substantial FDI and investment inflows generally experience currency appreciation. Conversely, capital outflows can put downward pressure on a currency’s value.

Natural Disasters and Geopolitical Events

Natural disasters and geopolitical events can disrupt economies and impact exchange rates. Significant events such as earthquakes, hurricanes, political unrest, or conflicts can create uncertainties and affect investor confidence. Consequently, these events may cause volatility in exchange rates.

Global Economic Trends

Global economic trends influence exchange rates, especially for major economies. The performance of leading economies, such as the United States, China, and the European Union, can impact currency values globally. Interconnectedness and trade relationships between countries play a crucial role in shaping exchange rate dynamics.

The interconnectedness of Currency Markets

Currency markets are interconnected, and exchange rates are influenced by the relationships between different currency pairs. For example, changes in the value of the US dollar can have a ripple effect on other major and minor currencies. Cross-currency correlations and the overall sentiment in currency markets contribute to the complex interactions between currency pairs.

Conclusion

Foreign exchange rates are influenced by a variety of factors, including supply and demand dynamics, economic indicators, interest rates, inflation, political stability, government intervention, market sentiment, speculation, trade balance, capital flows, natural disasters, geopolitical events, global economic trends, and the interconnectedness of currency markets. Monitoring and understanding these factors is essential for businesses, investors, and individuals operating in the international marketplace.

Related Posts

Empowering Women
Business & Brands

Empowering Women At Work: How Union Bank’s Family-Friendly Revolution Is Setting New Standards

July 11, 2025
Empowering Women
Business & Brands

Union Bank Responds To High Court Ruling On NICON Investments Limited, Global Fleet And Jimoh Ibrahim Case

July 9, 2025
ASIS
Business & Brands

The Alternative Bank Champions Bold Action For Africa’s Future Ahead Of ASIS 2025 Summit

July 9, 2025
Benue
Business & Brands

Fidelity Bank Delivers Hope to Internally Displaced Persons In Benue

July 9, 2025
Empowering Women
Business & Brands

Union Bank Strengthens Public-Private Partnership At Maiden International Civil Service Conference

July 9, 2025
GTCO Plc
Business & Brands

GTCO Plc Becomes 1st Financial Services Institution In West Africa To Achieve Listing And Trading Of Its Ordinary Shares On The London Stock Exchange

July 5, 2025
Next Post
Osimhen

Osimhen Nominated For Ghana Football Awards

LATEST COVER

Priscilla Ojo

GPBN Associates Member

Fidelity Bank

Zenith Bank

Headwraps

Timeless Beauty: The Power Of Headwraps

July 12, 2025
Open Heaven 12 July 2025

Open Heaven 12 July 2025: A Simple Prayer

July 12, 2025
WAFCON

WAFCON: Super Falcons Secure $200,000 For Quarter-Final Qualification

July 12, 2025
Galatasaray Bid For Osimhen

Napoli Rejects New €70M Galatasaray Bid For Osimhen

July 12, 2025
Empowering Women

Empowering Women At Work: How Union Bank’s Family-Friendly Revolution Is Setting New Standards

July 11, 2025
agii.ng

Win Big With AGII.NG! ‘Buy & Win’ & ‘Subscribe & Win’ Promos Offer Millions Weekly

July 11, 2025
Empowering Women

Union Bank Responds To High Court Ruling On NICON Investments Limited, Global Fleet And Jimoh Ibrahim Case

July 9, 2025
2025 Basic Education Certificate Examination

BREAKING: NECO Releases 2025 Basic Education Certificate Examination Results

July 9, 2025
ASIS

The Alternative Bank Champions Bold Action For Africa’s Future Ahead Of ASIS 2025 Summit

July 9, 2025
MaWhoo

MaWhoo Takes Her Throne As Spotify EQUAL Africa Ambassador For July

July 9, 2025

GLAMTUSH

 

Glamtush publishes the latest trends in fashion, beauty, and lifestyle, as well as those making the fashion world interesting and adorable.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us

REACH OUT

Do you have any news for us? Event Coverage, Press Releases or Adverts? Then reach out to us via glamtush@gmail.com or glamtush15@gmail.com

OFFICE ADDRESS

Lagos, Nigeria

Copyright © 2022 Glamtush

  • About Us
  • Advertise
  • Contact Us
  • Disclaimer
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events

© 2022 Glamtush