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What is the price of Dollar to Naira in the Black Market Today 11th May 2024?
To know the price of Dollar to Naira today in Aboki fx black market, you can go below to know the price of Dollar to Naira today
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Yesterday, May 10th, 2024, the price of Dollar to Naira in the black market, 1 US Dollar is bought for N1440, and 1 US Dollar is sold for N1450 as the dollar is traded in the black market in Lagos Parallel Market (Aboki fx).
How much is 1 dollar sold for Naira in the black market today?
Black Market Dollar to Naira Exchange Rate Today at (Aboki fx) – 11th May 2024
– Buying Rate: 1 Dollar is bought for N1455
– Selling Rate: 1 Dollar is sold for N1470.
On Saturday, May 11th, 2024, Today, the Black Market exchange rate for Dollar to Naira is N1455, this means that for every 1 US dollar, you can get N1470 that you exchange. The black market exchange rate is now higher than the official window rate because the Federal Government is not regulating it.
Factors Affecting Dollar to Naira Exchange Rate
Several factors are affecting the Dollar Naira Black Market Exchange rate, which includes:
- Supply and Demand: The shortest American dollar in the country will lead to an increase in demand for the Dollar, leading the dollar to rise against the dollar.
- Value of the Dollar: The American dollar value in Nigeria is also a significant factor in making the US currency rise against the Naira since the majority of the elite in the country holds the currency.
- Political and Economic Situation: The political landscape and the economic situation in the United States of America and Nigeria is the biggest challenge to the currency’s rise against the Naira.
Read Also: Black Market Dollar to Naira Exchange Rate on 10th May 2024
Warning: Be aware that the Central Bank of Nigeria does not recognize the Black Market rate of Dollars against the Naira, as the Bank considers the black market as an illegal market.
If you want to know the Central Bank of Nigeria’s rate of Dollar to Naira, you can contact Banks to know the Rate.
CBN Dollar to Naira Exchange Rate Today 11th May 2024
The Central Bank of Nigeria (CBN) has announced the official exchange for the US dollar against the Naira today 11th May 2024. The CBN announced the buying and selling rate at the official market which is regulated by the bank. This rate can be changed anytime due to market conditions and economic factors.
How Much is 1 US Dollar to Naira Sold at CBN Rate Today?
If you want to know the price of the Central Bank of Nigeria (CBN) Official Rate, You may scroll down below to know the rate.
CBN Dollar to Naira Rate Today 10th May 2024
– Buying Rate: 1 US Dollar to Naira is bought at the rate of N1439.
– Selling Rate: 1 US Dollar to Naira is sold at the rate of N1440.
Read Also: Cement Price in Nigeria Today May 2024
Economic Impact
The CBN dollar to naira exchange rate has a significant impact on the country’s economy, which affects many traders, and investments, and also leads to inflation. A strong exchange rate can lead to a boost in economic growth, while changes in the rate can lead to economic instability.
Inflation Rate
The inflation rate is still high as a result of the exchange rate is not good, with prices of goods and services increasing. But, there has been some improvement, with today’s price of petrol decreasing, from N700 to N630 per litre, while the price of rice is decreasing from N80,000 to N50,000 per bag.
Conclusion
The Central Bank of Nigeria (CBN) Dollar to Naira exchange rate for today 11th May 2024 is N1439 for buying, while the rate for selling is N1440. The rate can be subject to changes in time and has a significant impact on the Nigerian economy. The black market rate which is not regulated by the CBN is different from the official rate, and the inflation rate is still showing some changes with high but it shows some improvement despite the high rate.
Please note that the price you can buy or sell in Dollars is not necessarily the same as this, because there may be differences.
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