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Black Market Dollar to Naira Exchange Rate Today 6th June 2024 Updated

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6 months ago

June 6, 2024

Black Market Dollar to Naira Exchange Rate Today 6th June 2024 Updated

The black market dollar to naira exchange rate for today 6th June 2024 can be found below.

The foreign exchange market is an ever-evolving platform where currencies fluctuate, reflecting the dynamics of the global economy. In Nigeria, the black market exchange rate for the US dollar to Naira is particularly significant for various financial transactions. Here’s an insightful look into today’s rates.

The black market, often referred to as the parallel market, is a segment of the foreign exchange market where currency trading occurs outside official channels. The rates here can differ substantially from the official rates provided by the Central Bank of Nigeria (CBN).

How Much Is Black Market Dollar to Naira Exchange Today?

As of June 6, 2024, the black market exchange rate for the US dollar to Naira is as follows:

Buying rate: ₦1,480.00 per US dollar

Selling rate: ₦1,499.00 per US dollar

This means that if you want to buy 1 US dollar in the black market today, you will need to pay ₦1,490.00, and if you want to sell 1 US dollar, you will receive ₦1,470.00. Please note that these rates may vary slightly depending on the location and the dealer.

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Factors Influencing Foreign Exchange Rates in Nigeria

Here are some of the causes of the dwindling dollar-to-naira exchange rate.

Inflation Rates:It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates:Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt:National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators:Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade:Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

Disclaimer: INFOEXPERT24 does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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