Dollar To Naira Black Market Rate As At 20th June 2022




How much is the Dollar to Naira Exchange rate on the black market today, 20th June 2022? See today’s Dollar to Naira exchange rate, including the CBN’s official rate.

Dollar to Naira Black Market Rate Today, 20th June 2022

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 610
Buying Rate 600

Factors Influencing Foreign Exchange Rates




Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is brought under control, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.




Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.




Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.




Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.




Conditions of Trade: Favorable trade terms will lead to an increase in the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.






Queen Amawohttps://queenamawo.ng
I am Queen Amawo, an Engineer, Enterpreneur, Blogger, and a Web developer, i love writing quality content to readers and expose them to happenings around the world, I can not do this all by myself, help and encourage me, I will forever be grateful. Thank you for the visit

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