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

3 answers

• Isaac LiFeb 28, 2023 · 2 years ago
  The exchange rate between the US dollar and the Nigerian naira in the black market today is influenced by several factors. One of the main factors is the demand and supply of dollars and naira. If there is a high demand for dollars and a limited supply, the exchange rate may increase. On the other hand, if there is a high supply of dollars and a low demand, the exchange rate may decrease. Other factors include economic indicators such as inflation, interest rates, and political stability. Additionally, events such as changes in government policies or international trade agreements 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 factors such as currency controls and restrictions. Overall, the exchange rate in the black market is determined by a combination of economic factors and market dynamics.
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• NutanFeb 28, 2022 · 3 years ago
  The exchange rate of the US dollar to the Nigerian naira in the black market today is influenced by various factors. One of the key factors is the level of demand and supply for both currencies. If there is a high demand for dollars and a limited supply, the exchange rate may increase. Conversely, if there is a low demand and a high supply, the exchange rate may decrease. Other factors that can influence the exchange rate include inflation, interest rates, political stability, and economic performance. Additionally, events such as changes in government policies or international trade agreements can also have an impact. It is important to note that the black market exchange rate may differ from the official exchange rate due to the illegal nature of the black market and the lack of regulation. Therefore, the exchange rate in the black market is determined by market forces and the dynamics of supply and demand.
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• Chhama YadavJun 23, 2020 · 5 years ago
  The exchange rate of the US dollar to the Nigerian naira in the black market today is influenced by a variety of factors. One of the main factors is the demand and supply of both currencies. If there is a high demand for dollars and a limited supply, the exchange rate may increase. Conversely, if there is a low demand and a high supply, the exchange rate may decrease. Other factors that can impact the exchange rate include inflation, interest rates, political stability, and economic performance. Additionally, events such as changes in government policies or international trade agreements can also have an effect. It is important to note that the black market exchange rate may differ from the official exchange rate due to the illegal nature of the black market. Therefore, the exchange rate in the black market is determined by market forces and the dynamics of supply and demand. However, it is important to seek legal and regulated channels for currency exchange to ensure transparency and avoid potential risks.
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