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Dollar (USD) To Naira Black Market Rate Today 1st December 2023
11 months ago

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Access your interest in the Dollar (USSD)
to Naira Black Market Exchange Rate
Today, Tuesday, 26 December 2023, on
hypezloaded.

This platform has attained the official
Naira black market exchange rate as
sourced by the likes of Black Market
rates, Bureau De Change (BDC) rate, and
CBN rates.

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How Much Is The Dollar To
Naira Exchange Rate Today?

Dollar To Naira Black Market Exchange
Rate Today (Aboki Dollar Rate):

hypeZloaded News sourced that the exchange
rate for a Dollar to Naira in the various
vicinity of Lagos and Onitsha Parallel
Market (Black Market) today is ₦1160 to
₦1165 as of the time of articulating this
report.

Exchange Rate Of Dollar To
Naira in Black Market Today?

<hr>
Dollar to Naira (USD
to NGN)
Black Market
Exchange Rate
Today
Buying Rate ₦1160<hr>
Selling Rate ₦1165</hr>
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</div>AbokiFx, which collates black market
rates, astonishingly sold at ₦1160 per $1
at the parallel market, also promoted as
the black market, today marked Tuesday,
26 December 2023, in Lagos, Nigeria.

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 Key Factors Influencing Foreign
Exchange Rates Today
As the market circle swerves heated there
have been vast phases of trauma
experienced by the players. Some of
these factors indicate dwindling dollar-to-
naira exchange rates.

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Below are some of the causes of the
dwindling dollar-to-naira exchange rate;
Speculators: Stockpiling money for a
possible profit has resorted the value of
Naira under the influence of Speculators.
Conditions of Trade: Although Nigeria
faces a demeaning trade deficit featuring
80% importation, desired Trade Terms
increase the value of Naira to Dollar.

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Inflation Rates: This is centered on the
economic value of Nigeria and how they
have soared or plummeted. If the value
of Naira keeps resorting to the lowest
points there are possible vast rise to
inflation.

Inflation directly impacts the
Black Market and would affect
performers strictly.
 
 This will also result in
an exorbitant view of foods and other
goodies sold in Naira.
Interest Rates: Another phase of trauma
to examine is the interest rate which
centers its effect on loans.

If the Banks’
interest rate soars to a heated figure it
would affect the economy badly,
thrusting it to contract and will also
result in demeaning the value of Naira. 
Government Debt: The Government can
also add to the fall of Naira if its debt is
way cruel.

The National debt can impact
the inflow of value into the economy. If
these are high, the naira exchange rate
will rise in favor of the Naira.
Impacts of Black Market

Impacts of Black Market
Exchange Rate USD to NGN on
Nigeria’s Economy

The Nigerian Naira (NGN) and the United
States Dollar (USD) are the two important
currencies that form Nigeria’s economic
landscape. The Nigerian Naira (NGN) to
United States Dollar (USD) transactions
is one of the pillars of the country’s
financial stability.

However, with black
market facilitating the NGN to USD
transactions poses a serious threat to
the stability of the country’s economy. If
there is a surge in the number of
transactions for USD to Naira through the
black market exchange rate, it directly
impacts the country’s economy
adversely. 
What is the Black Market Exchange rate?
Usually, white-collar transactions or legal
transactions take place within the formal
banking system. Rates for USD to NGN
are decided within the formal banking
system and transactions from USD to
Naira cannot overpass or underpass the
current rates.

The black market rate is
the unofficial rate at which foreign
currencies are traded in the market.
Black Market is not controlled by the
Central Banking system of Nigeria and
thus there is no control over the
transactions and the exchange rates of
USD to Naira in the black market.

This
disparity in the rates of the USD to Naira
arises due to the high demand for foreign
currencies in the country. 
Let us understand what are the causes
that lead businessmen and individuals to
resort to the black market instead of the
formal banking system.

<li>

1. Restrictions and limitations on
foreign exchange: When resorting to
a formal banking system there are
certain limitations to foreign
exchange. Due to this limitation, a
shortage of USD arises in the
official market, this disparity in the
demand and supply of the USD
causes the USD Naira to surge in
price. Moreover, the government has
also imposed certain restrictions
which further restrict businesses
from carrying out the transactions
favorably. This is one of the
significant reasons for people to
resort to the black market for
transactions.
</li><li>

2. Dependency on foreign goods: The
economy of Nigeria is highly
dependent on imported goods from
foreign countries. The United States
Dollar is a globally accepted
currency and most of the
international trades take place via
the USD. As the country is highly
dependent on imported goods, the
trade for the import takes place in
USD. Thus, this needs the business
opts for USD to Naira and Naira to
USD transactions.

</li><li>

3. Corruption and Money Laundering:
Corruption and money laundering
are a few of the illicit activities that
drive the black market. Illicit
activities use foreign currency such
as USD for transactions and thereby
people use the black market to
convert the money.</li>
 
Due to the above-stated reasons, people
are often tempted to resort to the black
market for USD to Naira transactions.
 
 As
foreign exchange in a formal banking
system has limitations and regulations
that one needs to follow, transactions
only up to a certain limit can take place
and therefore this creates a shortage in
government control exchange. Due to
limitations in the formal market, the price
for USD to Naira increases directly.
Impacts of the Black Market on the
Nigerian Economy: 
Weakening of the economy: The Nigerian
economy is highly dependent on imported
goods, thus due to the changes in the
foreign market, the remains instability in
the Nigerian economy due to the volatility
of the price. Also, the surging USD to
Naira rates creates inflationary pressure
in the market which disrupts the
purchasing power of the customer. 
Uncontrolled parallel economy: The black
market is not regulated and controlled by
any governing body. Due to this, the
transactions taking place here are not
controlled and this -leads to a non-
revenue generation stream. The black
market transactions, therefore, cause
great economic hindrances. 
Inequality; As the black market exchange
rate keeps fluctuating, the uncertainty
makes it difficult to read the foreign
market. Also, the black market makes
accessibility to foreign exchange easy for
individuals, which arises the condition of
inequality in Nigeria. 
As of June 10th, 2023, the official USD to
Naira rates were at 1 US Dollar =
462.0313 Nigerian Naira, whereas the
USD to Nigerian Naira rates in Black
Market were 1 US Dollar = 769 Nigerian
Naira. 
This huge difference in formal banking
foreign exchange rate and the black
market exchange rate is mainly due to
the supply-demand ratio. This ever-
increasing disparity is concerning for the
Nigerian volatile economy as it is
dependent on imported goods whose
prices depend on the foreign exchange
rates.

The Nigerian government is trying to fix
the adverse issue of the value of the
Naira (NGN) to the US Dollar (USD) and
is trying to stabilize the economy. They
might look for approaches such as
liberalizing the policies for foreign
exchange, working towards more
provision of transactions, and also
working for eroding corruption and illicit
activities.

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