Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦744 and ₦746, and the price can change (high or low) within hours.
How Much Is Dollar To Naira Exchange Rate Today?
Dollar to naira exchange rate today black market (Aboki dollar rate):
Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N745 and sell at N747 as of the time of filing this report.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
750
Selling Rate
757
The local currency opened at N757.00 per $1 at the parallel market otherwise known as the black market today Friday, 20 January 2023, in Lagos Nigeria, after it closed at N746 per $1 on Thursday, 19 January 2023.
Even though the dollar to naira opened in the parallel market at N757 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Friday morning, January 20, 2023, after they purchased N744 and sold for N746 on Thursday, 19 January 2023.
Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 16, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 9, 2023.
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 controlled, 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 increase 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.
One of the world’s largest cryptocurrency exchanges, Coinbase, has been plunged into chaos as it experienced a catastrophic system-wide outage, leaving traders and investors stranded and unable to access their accounts.
The disruption, which commenced at 4:15 am UTC on May 14, has rendered both the desktop and mobile platforms of Coinbase completely unusable.
Users attempting to access the exchange are greeted with a frustrating “503 Service Temporarily Unavailable” error message, indicative of the severity of the situation.
Coinbase, known for its reliability and user-friendly interface, has been a cornerstone of the cryptocurrency market for years.
However, this unprecedented outage has shaken the confidence of countless traders who rely on the platform for their daily transactions and investments.
Coinbase swiftly notified its user base of the issue through its official status page, acknowledging the severity of the problem and assuring customers that their funds remain secure.
The exchange’s support team took to social media to disseminate updates, pledging to investigate the issue and work tirelessly to find a resolution.
This isn’t the first time Coinbase has faced technical difficulties during periods of heightened market activity.
Just months prior, on February 28, the exchange experienced temporary outages alongside several other platforms amidst a frenzy of trading activity during a Bitcoin flash crash. Such incidents highlight the strain that surges in traffic can place on even the most robust of systems.
While outages like these are undeniably frustrating for users, they often spark speculation within the crypto community.
Some enthusiasts view these disruptions as a bullish sign, interpreting the influx of traffic and subsequent downtime as indicators of growing interest and adoption in the cryptocurrency space.
In a recent exchange of accusations between Nigeria and Binance Holdings Ltd, the West African nation firmly rebuked allegations of bribery leveled against it by the cryptocurrency giant.
The dispute escalated following a blog post by Binance Chief Executive Officer Richard Teng, claiming that Nigerian officials demanded a $150 million bribe to settle ongoing legal issues faced by the company.
The Ministry of Information spokesman, Rabiu Ibrahim, denounced the accusations made by Teng, dismissing them as baseless and a mere attempt to divert attention away from Binance’s own legal predicaments.
Ibrahim said the claims lacked any credible evidence and were merely a part of Binance’s strategy to deflect scrutiny from its operations.
The allegations surfaced amidst a backdrop of strained relations between Nigeria and Binance following the detention of two Binance employees in the country. One employee managed to escape custody, while the other, Tigran Gambaryan, remains detained, facing charges related to tax evasion, currency speculation, and money laundering.
According to Teng’s blog post, Binance representatives were allegedly approached by unidentified individuals after a meeting with Nigerian officials, demanding a substantial payment in cryptocurrency to resolve the legal issues swiftly.
However, Nigerian authorities vehemently denied these claims, stating that they were part of an orchestrated campaign by Binance to undermine the government’s credibility.
The Nigerian government further criticized Binance for its alleged involvement in criminal activities across multiple countries, including the United States.
Ibrahim said the country would not succumb to Binance’s attempts to tarnish its reputation through fictitious claims and media campaigns.
The escalating tensions between Nigeria and Binance come at a time when the cryptocurrency exchange is facing legal challenges globally.
Binance founder Changpeng Zhao was recently sentenced to four months in prison in the United States for regulatory violations, further complicating the company’s legal woes.
In Nigeria, Binance has been under scrutiny for its role in cryptocurrency speculation against the national currency, the naira, which has experienced significant depreciation in recent months.
The Nigerian Securities and Exchange Commission announced plans to ban person-to-person cryptocurrency trading in the naira, signaling increased regulatory scrutiny on the cryptocurrency sector.
Binance CEO, Richard Teng, has made startling allegations against Nigerian officials, claiming they sought a $150 million bribe to resolve a legal dispute involving the cryptocurrency exchange.
Teng’s accusations come amidst a tumultuous period for Binance, which has been embroiled in a contentious legal battle with the Nigerian government.
The company’s compliance officer, Tigran Gambaryan, was arrested in February along with a colleague, Nadeem Anjarwalla, on charges of tax evasion and money laundering.
The saga began during a trip to Nigeria in January when Gambaryan and his Binance colleagues were confronted with a demand for the exorbitant sum, allegedly from members of the Nigerian government.
Gambaryan, a former U.S. law enforcement agent, interpreted the message as a thinly veiled attempt at soliciting a bribe.
According to sources familiar with the matter, the demand was made shortly after Nigerian legislators accused Binance of tax violations and threatened to arrest its employees.
Gambaryan, in a bid to address the issue, wrote a detailed report describing the payment request and alerted contacts within the Nigerian government.
Despite Gambaryan’s efforts to navigate the situation diplomatically, tensions escalated, leading to his and Anjarwalla’s arrest upon their return to Nigeria in February.
Gambaryan has since been held in Kuje prison, while Anjarwalla managed to escape the country shortly after.
In a blog post, Teng lambasted the Nigerian government’s actions, accusing officials of resorting to coercion and intimidation tactics.
He condemned the alleged demand for a bribe as a blatant abuse of power and an attempt to stifle Binance’s operations in the country.
The Nigerian government has refuted Teng’s claims, maintaining that it will pursue the case against Binance based on facts and evidence.
A spokesman for Nigeria’s national security adviser reiterated the government’s commitment to upholding the rule of law and ensuring justice is served.
Teng’s accusations have brought renewed scrutiny to Binance’s operations in Nigeria, a country that has emerged as a significant market for the cryptocurrency industry.
Despite facing regulatory challenges, Nigeria boasts one of the highest rates of crypto adoption globally, second only to India.
As the legal battle between Binance and the Nigerian government continues to unfold, stakeholders are closely monitoring the developments, mindful of the potential implications for the broader cryptocurrency landscape in Nigeria and beyond.
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