Black Market Dollar To Naira Exchange Rate Today, Monday, 2nd January 2023

The official dollar to naira exchange rates today in Nigeria including Black Market rates, Bureau De Change (BDC) rates, and CBN rates.

How Much Is Dollar To Naira Exchange Rate Today 2 January 2023 Official Rate?

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at 430.63 NGN per dollar on, 2 January 2023, after it closed at N430.01 31st December 2022. This represents a change of 0.2%.

Below is November Naira rates.

Exchange Rate of Dollar To Naira in Black Market Today? 2 January 2023.

Below are verified rates given to us by some dollar vendors across Nigeria.

According to abokiFX.com, the local currency opened at N747.00 per $1 at the parallel market otherwise known as the black market, today, 2 January 2023, in Lagos Nigeria after it closed N747.00 per $1 on 2 January 2023. This represents a change of $0.05 from the previous day.

Truetells Nigeria reports that the data published on abokiFX.com, which is known as the “official black market rate“, showed that at the black market, the players buy a dollar for N747 and sell for N700 this morning, 2 January 2023.

Truetells Nigeria reports that the USD started this week at ₦747 in Parallel Market also known as Black Market on, 2 January 2023. A change of $0.9 dollars compared to last Monday when it opened at ₦747 per dollar.

Disclaimer: Truetells Nigeria  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.

Some Of The Factors Influencing Foreign Exchange Rates

Below are some of the factors influencing dollar to naira exchange rate.

Inflation Rates:  It is common knowledge that inflation has a direct impact on exchange rates in the black market. The naira will gain if the Nigerian economy can be stabilized and inflation is kept under control; however, if the naira keeps falling, it might mean that food and other needs are getting more expensive on a daily basis.

Interest Rates: Interest rates are yet another thing to monitor. A rise in the interest rate at which banks lend money would be detrimental to the economy, cause it to contract, and consequently lower the value of the naira.

Government Debt: Investor confidence and, consequently, the inflow of cash into the economy, are impacted by National debt. The naira exchange rate will increase in favor of the naira if the inflows are substantial.

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: The Naira will appreciate against the dollar if trade conditions are favorable, despite the fact that Nigeria is currently running a trade deficit. China, India, and the majority of Asian nations are the source of everything.