Naira To Dollar Exchange Rate For 31st July 2023

Naira to dollar exchange rate for today 31st July 2023, on StechiteGist Media.

How much is naira to dollar exchange rate today?

The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange the official forex trading portal showed that the Naira opened at ₦775.33 per dollar on Friday, July 28, 2023, and closed at ₦768.60 per $1 on Friday, July 28, 2023.

Naira traded as high as N776 to the dollar at the investors and exporters (I&E) window and closed at on N742 on Wednesday.

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N860 and sell at N870 on Friday 31st July 2023, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Naira to Dollar Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N860
Selling Rate N870

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

Factors Affecting the Naira to Dollar Exchange Rate

The exchange rate of the US dollar to Nigerian Naira is affected by various factors, including:

  1. Economic stability: A country’s economic stability is a major determinant of its exchange rate. Nigeria’s economy is largely dependent on oil exports, which makes it susceptible to fluctuations in the global oil market.
  2. Political stability: The political climate of a country also affects its exchange rate. Nigeria has a history of political instability, which can affect investors’ confidence in the country’s economy.
  3. Inflation: Inflation rates can also impact the exchange rate between two currencies. Nigeria has had a history of high inflation rates, which has contributed to the devaluation of the Naira.
  4. International trade: The exchange rate can also be affected by international trade. Nigeria is a major importer of goods, and its imports are largely paid for in foreign currency, such as the US dollar.

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