Black Market Dollar To Naira Exchange Rate Today, Saturday, 3rd June 2023

The official dollar to naira exchange rates in Nigeria along with Black Market, Bureau De Change (BDC), and Central Bank of Nigeria (CBN) rates.

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 How Much Is Today’s Official 3 June 2023 Dollar to Naira Exchange Rate?

According to data maintained on the FMDQ Security Exchange, where foreign exchange is officially exchanged, the Naira’s exchange rate to the US dollar opened on June), 2023, at 461.63 NGN per dollar after closing on 2 June 2023, at N461.01. This is a 0.2% change.

Naira exchange rates for June are listed below.

Current Black Market Dollar to Naira Exchange Rate as on June 2 2023

The rates shown below have been confirmed by certain dollar sellers across Nigeria.

Currency         Rate     Date    User Nick

USD    ₦ 730  2/6/2023          KSL >

USD    ₦ 745  1/6/2023          Famous >

USD    ₦ 750  28/5/2023        Mr bk >

USD    ₦ 748  27/5/2022        Alhj hone.. >

USD    ₦ 760  26/5/2022        KSL >

USD    ₦ 760  25/5/2022        D BDC >

The local currency, often known as the black market, started at N747.00 per $1 today, 2 June 2023, in Lagos, Nigeria, after closing at N747.00 per $1 on 2 June 2023, according to abokiFX.com. This reflects a $0.05 change from the day before.

According to data released on abokiFX.com, which is referred to as the “official black market rate,” participants in the black market bought a dollar for N747 today morning, 2 June 2023, and sold it for N740.

Dollar to Naira (USD to NGN)          Black Market Exchange Rate Today

Buying Rate                                                         750

Selling Rate                                                          740

According to Platinum Post, on 2 June 2023, the USD began trading at 740 in the Parallel Market, often known as the Black Market. It opened at $747 per dollar on Monday, thus there has been a move of $0.9 since then.

Several elements that affect foreign exchange rates

Some of the variables affecting the dollar to naira exchange rate are listed below.

Prices of Inflation: It is well known that inflation directly affects currency exchange rates on the black market. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira keeps declining, it might indicate that food and other necessities are becoming more expensive on a daily basis.

Interest Rates: Another factor to keep an eye on is interest rates. The economy would suffer, would contract, and as a result, the value of the naira would decrease if interest rates on bank loans rose.

Government Debt: National debt has an effect on investor confidence and, as a result, the flow of money into the economy. If the inflows are significant, the naira exchange rate will move in its favor.

Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower.

Trade Circumstances: Despite the fact that Nigeria is currently running a trade deficit, the Naira will strengthen versus the dollar if trade conditions are favourable. Everything comes from China, India, and the majority of Asian countries.