Dollar To Naira Black Market Rate Today 12 June 2023

Dollar to Naira: Aboki Exchange Rate in Nigeria Today 12 June 2023

Dollar (USD) To Naira Black Market Rate Today 6th June 2023
Dollar (USD) To Naira Black Market Rate Today 6th June 2023

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Dollar (USD) To Naira Black Market Rate Today 11th June 2023

Right here the currency dealers in Abuja Zone 4 market, Nigeria today, Monday, June 11, 2023. said a USD dollar was bought at the rate of 765‎ and sold at the rate of 769‎ today.

Also read: Dollar To Naira Black Market Rate Today 8th June 2023 (USD to NGN)

How Much Is Dollar To Naira Exchange Rate Today?

Similarly,  the second most traded currency known as Euro/Naira traded at the rate of 805 buy then sell respectively in the black market at the rate of 790.

Dollar (USD) to Naira (NGN) Black Market Exchange Rate Today
 Rate Buying ₦765
Rate Selling  ₦769

Black Market Exchange Rate for Most Used Currency in Nigeria

Currency Type Buying Rate Selling Rate
USD to NGN ₦765 ₦770
GBP to NGN ₦920 ₦930
EUR to NGN ₦790 ₦815
CAD to NGN ₦580 ₦610
ZAR to NGN ₦31 ₦38
AED to NGN ₦180 ₦200
CNY to NGN ₦80 ₦90
GHS to NGN ₦40 ₦55
XOF to NGN ₦1050 ₦1100
XAF to NGN ₦920 ₦950

How much is $1 dollar in Naira now?

In the black market, today dollar is at the rate buy rate – N765/$1 while the price of Naira for sell is at the rate of N769/$1

Dollar to Naira Rate for Past 7 Days

Date, Day, and Year Buying Selling
June 11th, 2023 760 768
June 10th, 2023 758 763
June 9th, 2023 760 764
June 8th, 2023 758 760
June 7th, 2023 750 765
June 6th, 2023 748 750
June 4th, 2023 750 747

How much is $100 USD in Naira now?

Hundred dollars to Naira now as today’s price is #76,900.

Factors Influencing Foreign Exchange Rates

Introduction

Foreign exchange rates and their importance in global economics.

Supply and Demand

The role of supply and demand in determining exchange rates.

Economic Factors

How economic indicators affect exchange rates.

Interest Rates

The relationship between interest rates and exchange rates.

Inflation

The impact of inflation on exchange rates.

Political Stability

The influence of political stability on currency value.

Government Intervention

How governments intervene in currency markets.

Market Sentiment

The role of market sentiment in shaping exchange rates.

Speculation and Investor Behavior

The impact of speculation and investor behavior on exchange rates.

Trade Balance

How trade imbalances affect exchange rates.

Capital Flows

The influence of capital flows on currency values.

Natural Disasters and Geopolitical Events

The effects of natural disasters and geopolitical events on exchange rates.

Global Economic Trends

The connection between global economic trends and exchange rates.

The interconnectedness of Currency Markets

The relationships between different currency markets.

Conclusion

Recap of the factors influencing foreign exchange rates and their significance.

Factors Influencing Foreign Exchange Rates

Foreign exchange rates play a vital role in the global economy, influencing trade, investments, and financial transactions. Understanding the factors that affect exchange rates is crucial for individuals and businesses operating in international markets. In this article, we will explore the key factors that influence foreign exchange rates and their implications.

Also Read: Dollar (USD) To Naira Black Market Rate Today 5th June 2023

Introduction

Foreign exchange rates refer to the value of one currency relative to another. These rates fluctuate continuously due to various factors that impact currency supply and demand. Let’s delve into the main factors that influence foreign exchange rates and shape the currency market.

Supply and Demand

The exchange rate between two currencies is primarily determined by the interaction of their supply and demand. When a currency is in high demand, its value tends to rise. Conversely, when there is an oversupply of a currency, its value may depreciate. Factors such as economic strength, investor sentiment, and market speculation influence the supply and demand dynamics of a currency.

Economic Factors

Economic indicators play a significant role in determining exchange rates. Factors such as Gross Domestic Product (GDP) growth, employment rates, inflation, and trade balance impact the value of a currency. Countries with strong economic performance and positive indicators often experience appreciation in their currency value.

Interest Rates

Interest rates set by central banks have a direct impact on exchange rates. Higher interest rates attract foreign investors seeking better returns, increasing the demand for the currency and causing it to appreciate. Lower interest rates can have the opposite effect, reducing demand and potentially leading to depreciation.

Inflation

Inflation refers to the increase in prices of goods and services over time. The level of inflation in a country affects its currency value. High inflation erodes the purchasing power of a currency, leading to depreciation. Conversely, low inflation or deflation can result in currency appreciation.

Political Stability

Political stability is an essential factor influencing exchange rates. Countries with stable political environments and effective governance tend to attract more investments, increasing the demand for their currency. On the other hand, political instability, social unrest, or geopolitical tensions can weaken a currency’s value.

Government Intervention

Governments and central banks often intervene in currency markets to manage their currency’s value. They may employ various strategies, such as buying or selling currencies, implementing capital controls, or adjusting interest rates. These interventions aim to stabilize exchange rates, support economic policies, or gain a competitive advantage in global trade.

Market Sentiment

Market sentiment, driven by investor confidence and risk appetite, significantly influences exchange rates. Positive market sentiment attracts investments and strengthens the demand for a currency, leading to appreciation. Negative sentiment, fueled by economic uncertainties or geopolitical risks, can cause a currency to depreciate.

Speculation and Investor Behavior

Speculation and investor behavior can introduce volatility to exchange rates. Currency traders and investors closely monitor economic data, news events, and technical indicators to make trading decisions. Their collective actions and expectations shape market sentiment, leading to short-term fluctuations in exchange rates.

Trade Balance

The trade balance, representing the difference between a country’s exports and imports, affects its currency value. A trade surplus, where exports exceed imports, can strengthen a currency. Conversely, a trade deficit, where imports surpass exports, may lead to currency depreciation.

Capital Flows

Capital flows, including foreign direct investment (FDI) and portfolio investment, impact exchange rates. Countries that attract substantial FDI and investment inflows generally experience currency appreciation. Conversely, capital outflows can put downward pressure on a currency’s value.

Natural Disasters and Geopolitical Events

Natural disasters and geopolitical events can disrupt economies and impact exchange rates. Significant events such as earthquakes, hurricanes, political unrest, or conflicts can create uncertainties and affect investor confidence. Consequently, these events may cause volatility in exchange rates.

Global Economic Trends

Global economic trends influence exchange rates, especially for major economies. The performance of leading economies, such as the United States, China, and the European Union, can impact currency values globally. Interconnectedness and trade relationships between countries play a crucial role in shaping exchange rate dynamics.

Interconnectedness of Currency Markets

Currency markets are interconnected, and exchange rates are influenced by the relationships between different currency pairs. For example, changes in the value of the US dollar can have a ripple effect on other major and minor currencies. Cross-currency correlations and the overall sentiment in currency markets contribute to the complex interactions between currency pairs.

Conclusion

Foreign exchange rates are influenced by a variety of factors, including supply and demand dynamics, economic indicators, interest rates, inflation, political stability, government intervention, market sentiment, speculation, trade balance, capital flows, natural disasters, geopolitical events, global economic trends, and the interconnectedness of currency markets. Monitoring and understanding these factors is essential for businesses, investors, and individuals operating in the international marketplace.

FAQs

  1. Can I predict future exchange rate movements accurately?
    • While it is challenging to predict exchange rates with absolute certainty, analysis of the factors influencing them can provide insights and help make informed decisions.
  2. How does government intervention impact exchange rates?
    • Government intervention in currency markets can influence exchange rates in the short term. However, long-term market forces generally prevail.
  3. What role does market sentiment play in currency valuation?
    • Market sentiment, driven by investor confidence and risk appetite, can impact currency values. Positive sentiment can strengthen a currency, while negative sentiment can lead to depreciation.
  4. How do natural disasters affect exchange rates?
    • Natural disasters can disrupt economies, affecting investor confidence and leading to currency fluctuations. The extent and duration of the impact depend on the severity of the event and the country’s resilience.
  5. What should individuals and businesses do to mitigate exchange rate risks?
    • Individuals and businesses can employ various strategies, such as hedging, diversifying currency exposures, or seeking professional advice, to manage exchange rate risks in their financial transactions and investments.
 

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Comments (1)
  1. Gracy

    12 months ago

    I thought it has reduced to #600.
    Anyone have idea what the current rate is.?
    I love six9ja for this
    Share more news like this that are beneficial to the mass.

    Reply

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