Black Market Dollar to Naira Exchange Rate for January 16, 2023

Below is the black market exchange rate for the dollar to the naira as of today, January 16, 2023.

The official dollar-to-naira exchange rate in Nigeria as of today, including Black Market, Bureau De Change (BDC), and Central Bank of Nigeria (CBN) rates gathered by TopnewsNigeria.com.

Dollar to naira exchange rate today black market (Aboki dollar rate):

As of the time this article was filed, TopnewsNigeria learns that players at the Lagos Parallel Market (Black Market) buy dollars for N740 and sell them for N750 each.

On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. On Monday, January 16, 2023, it opened at N750.00 per $1.

Foreign exchange rate-influencing factors

Here are a few reasons why the dollar to naira conversion rate is declining.

Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower.

Conditions of Trade: Although Nigeria is currently running a trade deficit, favorable trade terms will raise the value of the naira relative to the dollar. China, India, and the majority of Asian nations are the source of everything.

Government Debt: A country’s level of debt may have an effect on investor confidence and, consequently, the flow of money into the economy. If inflows are substantial, the currency rate will move in the naira’s favor.

Interest Rates: Monitoring interest rates is a further strategy. A rise in the interest rate at which banks lend money would be detrimental to the economy, cause it to contract, and consequently lower the value of the naira.

Rates of inflation: It is common knowledge that inflation has a direct impact on exchange rates on the black market. The naira will gain if the Nigerian economy can be stabilized and inflation is kept under control; however, if the naira keeps falling, it might mean that food and other needs are getting more expensive on a daily basis.