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Dollar to Naira Exchange Rate Today Black Market { Daily Update

How Much Is Dollar to Naira Exchange Rate Today Black Market { Daily Updated Rate }

There is continuous need to know how much is dollar to naira exchange rate today black market and you have come to the right place for daily updated rates to keep you informed about the Nigerian parallel market.

How Much Is Dollar to Naira Exchange Rate Today Black Market

  • Buying : 1 USD To Ngn – 380

  • Selling : 1 USD To Ngn – 385

If the current price of Dollar to Naira exchange rate today is not of interest to everyone, it is always of interest to Nigerians. Alot of us are well-known to have interests in buying foreign products, because they prefer those products over local products. This trend has made the demand for Dollars in the country high. The Nigerian Naira was stronger that the US Dollar when it first appeared. Over these past years, things have turned around in favour of the USD, which now has more value than the Naira. This article on how much is naira to dollar exchange rate today Black Market ‘, will examine the two currencies in question and two factors affecting exchange rate.

how much is dollar to naira exchange rate today black market

Dollar to Naira Exchange Rate Today Black Market

What Is The Official Nigerian Currency?

The Nigerian Naira is the official currency of the African giant, Nigeria. This currency is not used by any other country. NGN as its short code. The naira first appeared in 1972. On January 1, 1973, it was properly introduced. Naira notes start from as low as N5, to as high as N1000 Presently.

What Is The Official US Dollar?

The US Dollars is very popular currency all over the world. It is the currency of the United States of America. The USD is however used by some other countries including Nigeria. Other places where the USD is used include: East Timor, Ecuador, El Salvador Marshall Islands, Federated States of Micronesia, Palau, Panama, Zimbabwe, Caribbean Netherlands, British Virgin Islandws, Turks and Caicos Islands, Afghanistan, The Bahamas, Bangladesh, Barbados, Belize, Bhutan, Botswana, Cambodia, Canada, Costa Rica, Guatemala, Guyana, Haiti, Iraq, Jamaica, Kenya, Laos, Lebanon, Liberia, Malawi, Maldives, Mozambique, Nicaragua, Pakistan, Peru, Tanzania, Thailand, Uganda, Uruguay, Vietnam and Zambia.

Factors Affecting Dollar to Naira Exchange Rate Today Black Market

After talking about the two currencies in question. It is worthwhile to take a look at two factors affecting the Naira To Dollar rate in parallel market.

  • 1. Rate Of Inflation

One the major factors that affect exchange rate is the rate of inflation. When there is a high inflation rate in a country, the power of the country’s currency will diminish. The higher the inflation in a country, the higher the adverse effect on the country’s currency.

  • 2. High Demand For Dollars

There is high demand for the United States Currency – USD around here, more than what’s available in the country, so this add pressure on the economy and force the current price to go up

  • 3. Interest Rates

Another important factor that affects exchange rate is interest rate. When there is high interest rate, more people will try to lend the currency. The increase in demand for the currency will give way to increase in its value. This is based on the principle of demand and supply. Increase in interest rate attracts more foreign currencies.

Hope we have been able to provide you with detailed information on ” current price of how much is dollar to naira exchange rate today black market “. what do you think?

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Tags : How much is Dollar To Naira Exchange Today Rate Black Market , convert , price now , current , conversion , 100 dollars to naira

Updated: May 16, 2017 — 4:57 pm

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