The currency exchange rates in Nigeria today 13 December 2023 can be accessed below.
This online news platform acknowledges that many Nigerians lean towards engaging in foreign currency transactions, specifically with the USD to Naira, within the informal or black market. This preference stems from the observation that the exchange rates in this unofficial market tend to be considerably more favorable than those offered by banks.
Here on this page, we aim to provide you with comprehensive information, presenting both the factual details and the current rates for converting the dollar to Naira. This includes not only the rates provided by the Central Bank of Nigeria (CBN) but also those prevalent in the black market. Additionally, you’ll find valuable insights into the exchange rates for other major currencies such as the pound to Naira, euro to Naira, Canadian dollar to Naira, and Ghanaian Cedi to Naira. Stay informed with the latest figures for a well-rounded understanding of the currency exchange landscape.
Black market currency exchange rates in Nigeria today
Today’s Dollar to Naira black market rate: This is the rate at Aboki/Bureau De Change (BDC) is selling and buying The European currency (Euro) currently in, Asaba, Abuja, Kano, and Lagos. It’s important to note that there may be slight variations in the rates across different parallel (unofficial) markets. The dynamic nature of these markets can lead to fluctuations in exchange rates, and factors such as location and local demand may contribute to variations.
Dollar to Naira Black Market Today, Dec 13, 2023: Convert USD to NGN Here, Aboki Forex News
Dollar to Naira Black Market
Pounds to Naira Black Market
Today’s Pounds to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Great British Pounds currency (Pounds) is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
Euro to Naira Black Market
Today’s Euro to Naira black market rate: This is the rate at Aboki/Bureau De Change (BDC) is currently selling and buying The European currency (Euro) in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
CAD to Naira Black Market – Canadian dollar to naira
Today’s CAD to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Canadian Dollar currency (CAD) currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
Rand to Naira
Today’s Rand to Naira black market rate is the rate Aboki/Bureau De Change (BDC) is selling and buying. The Rand is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
Ghanaian Cedi to Naira
Today’s Ghanaian Cedis to Naira black market rate is the rate Aboki/Bureau De Change (BDC) is selling and buying. The Ghanaian Cedis is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
CBN Official Naira Exchange Rates
The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.
Major Factors Influencing Foreign Exchange Rates
The dwindling dollar-to-naira exchange rate can be attributed to various factors that exert influence on the economic landscape. Here are some of the key causes:
1. Inflation Rates:
– Inflation is a crucial factor directly impacting exchange rates, especially in the black market. Stabilizing the Nigerian economy and effectively controlling inflation can positively influence the naira. However, a continuous fall in the naira may signify an increase in the daily cost of essentials, including food.
2. Interest Rates:
– Monitoring interest rates is essential, as an increase in the rate at which banks lend money can have adverse effects on the economy. A rise in interest rates may lead to economic contraction, contributing to a decline in the value of the naira.
3. Government Debt:
– The national debt plays a significant role in shaping investor confidence and the flow of funds into the economy. High levels of debt can potentially impact the exchange rate, with increased inflows favoring the naira’s value.
4. Speculators:
– The actions of speculators often have a noticeable impact on the naira-to-dollar exchange rate. When speculators accumulate currency in anticipation of profit, it can drive the naira even lower, contributing to the existing challenges in the exchange rate.
5. Conditions of Trade:
– The terms of trade play a crucial role in determining the value of the naira against the dollar. While favorable trade terms could elevate the naira, Nigeria’s current experience of a trade deficit poses challenges. The dependence on imports from countries like China, India, and various Asian nations contributes to the prevailing trade imbalance.
Understanding these factors provides insight into the complexities of the economic landscape, and addressing these issues through strategic policies and measures is essential for stabilizing and improving the dollar-to-naira exchange rate in the long run.
