What are the factors influencing the dollar to naira exchange rate in the black market in 2024?

3 answers

• Daniel MilianowskiMay 03, 2022 · 3 years ago
  The exchange rate between the US dollar and the Nigerian naira in the black market in 2024 will be influenced by several factors. One of the main factors is the economic stability of Nigeria. If the country experiences political instability or economic downturns, it can lead to a depreciation of the naira against the dollar. Additionally, the demand and supply dynamics of both currencies in the black market will also play a significant role in determining the exchange rate. Other factors such as inflation rates, interest rates, government policies, and global economic conditions can also impact the exchange rate. It is important to note that the black market exchange rate may differ from the official exchange rate due to various factors, including currency controls and market speculation.
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• Athanasios DolmatzisJul 07, 2023 · 2 years ago
  The exchange rate between the US dollar and the Nigerian naira in the black market is influenced by multiple factors. Economic indicators such as inflation, interest rates, and GDP growth rate can affect the exchange rate. Political stability, government policies, and international trade relations also play a role. Additionally, market demand and supply, speculation, and the presence of currency controls can impact the exchange rate. It is important for individuals and businesses to closely monitor these factors to make informed decisions regarding currency exchange in the black market.
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• AlexDJun 04, 2022 · 3 years ago
  The exchange rate between the US dollar and the Nigerian naira in the black market is subject to various factors. These include economic indicators such as inflation, interest rates, and GDP growth. Political stability and government policies can also influence the exchange rate. Additionally, market demand and supply, as well as the presence of currency controls, can impact the exchange rate. It is important to note that the black market exchange rate may differ from the official exchange rate due to market dynamics and speculation. Therefore, individuals and businesses should consider these factors when engaging in currency exchange transactions.
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