What are the factors influencing the black market exchange rate between the dollar and naira today?

3 answers

• Nov 23, 2021 · 3 years ago
  The black market exchange rate between the US dollar and the Nigerian naira is influenced by several factors. One of the main factors is the demand and supply dynamics of both currencies. If there is a high demand for the US dollar and a limited supply of naira in the black market, the exchange rate will increase. On the other hand, if there is a high supply of naira and a low demand for the US dollar, the exchange rate will decrease. Other factors that can influence the exchange rate include inflation rates, political stability, economic performance, and government policies. It's important to note that the black market exchange rate may differ from the official exchange rate due to various reasons, including currency controls and market speculation.
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• Nov 23, 2021 · 3 years ago
  The black market exchange rate between the dollar and naira today is affected by a combination of economic, political, and social factors. Economic factors such as inflation, interest rates, and trade balances can impact the exchange rate. Political stability and government policies also play a role in determining the exchange rate. Additionally, social factors like market sentiment and speculation can influence the black market exchange rate. It's important to monitor these factors and stay informed about the latest developments in order to understand and predict changes in the exchange rate.
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• Nov 23, 2021 · 3 years ago
  As an expert in the field, I can tell you that the black market exchange rate between the dollar and naira is influenced by various factors. While I can't speak for other exchanges, at BYDFi, we believe that the main factors affecting the black market exchange rate include economic indicators, government policies, and market sentiment. Economic indicators such as inflation, interest rates, and GDP growth can have a significant impact on the exchange rate. Government policies, such as currency controls and foreign exchange regulations, can also affect the exchange rate. Lastly, market sentiment, which is influenced by factors like investor confidence and market speculation, can play a role in determining the black market exchange rate. It's important to consider all these factors when analyzing and predicting changes in the exchange rate.
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