Dollar to Naira Black Market Today: October 2023 Price Update
Do you know the value of Dollar to Naira black market today? This question might have come to mind when you intended to change your dollar to naira in the unconventional exchange market also known as the Black Market or Aboki Market.
What is a Black Market?
The Black Market is known as an informal market where goods or services is bought or sold. In this case, foreign money is being bought or sold. This happens outside the conventional Financial Institutions.
Dollar to Naira Black Market Today
The exchange rate of dollar to naira as at today in the black market is 1002 naira to 1 dollar at a buying rate and 1008 naira to 1 dollar at a selling rate.
Buying rate in this case means the rate at which a dollar is gotten with a naira while Selling rate is the rate in which dollars is exchanged in the black market for naira.
Dollar to Naira CBN Rate Today
The bank rate for dollar to naira is 763.65 naira to 1 dollar.
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Factors that Drive the Black Market
They are several factors that contribute to the rate of exchange in the black market. They include:
1. Foreign Exchange: The restrictions on accessing foreign currency by the Government often push some individuals or businesses to get alternative sources through the black market.
2. Dynamics of Supply and Demand: The black market is influenced heavily by the supply or demand that surges in the black market. When there is a scarcity in dollars, this can lead to high exchange rate in the black market and if there is a lot of dollar flow the exchange rate goes down.
3. Inflation: When naira increase in value, people are motivated to transact with more stable foreign currencies.
4. Economic Instability: An unstable economy can push individuals or businesses to prefer to hoard the foreign currencies, thereby increasing the demand in black market.
CSN Team.
