Black Market Dollar to Naira: Check October 2023 Updated Price
The black market dollar to naira rate differs from time to time due to certain factors. This black market shows the unauthorized rate of exchange between the USD and the Nigerian Naira in an unofficial exchange market.
What is a Black Market?
Black Market is an informal exchange marketplace where in this case, foreign money is being sold or bought and this exchange happens in an unapproved financial institutions.
The Black Market Dollar to Naira
The black market exchange rate of dollar to naira is 1002 naira to 1 dollar at a buying rate and 1008 naira to 1 dollar at a selling rate.
Selling rate is the rate of exchange of dollars exchanged for naira in the black market while the buying rate is the rate in which dollars is exchanged for a naira.
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The Dollar to Naira CBN Rate Today
The bank rate for dollar to naira is 763.65 naira to 1 dollar.
Factors that Influence Exchange in the Black Market
Various factors that influence rate of exchange in the black market includes:
1. Foreign Rate of Exchange: The ban on accessing foreign currency by the Government most times push some individuals or businesses to use other sources through the black market.
2. Supply and Demand: Supply and demand heavily impact in the exchange rate of the black market. When dollars is scarce, this leads to the exchange rate being high and if dollar is surplus, the rate goes down.
3. Inflation: When the local currency in this case Naira increases in value, people gets the motivation to use a more stable currency to do transactions.
4. Economic Instability: An economy that is unstable can make businesses or individuals to opt for keeping foreign currencies, this act increases the demand in black market.
CSN Team.
