DOLLAR TO NAIRA EXCHANGE RATE; TODAY [AUGUST 31st, 2017]

Naira to Dollar Black Market Exchange Rate | Dollar to Naira Black Market Exchange Rate wednessday, 31th August 2017 |Here, You Can Check Dollar to Naira Rate in Parallel Market Today – Read below for the detailed information ;

Dollar to Naira Black Market Exchange Rate Today [August 31, 2017]

Current Dollar to Naira Exchange Rate Today[August 31, 2017]

– It's obvious that this might have been your utmost desire, before you luckily found this headline! We Hereby, share in detail the ‘Current dollar to naira black market exchange rate today’. Get it in full from this page.

However, the United State Dollar(USD) to Nigerian Naira exchange rate today trends between the parallel market (black market) exchange rate and the CBN exchange rate. Hence, by the CBN exchange rate, it is pegged at, 1 USD = N305.8. Moreso, for the parallel market (Black market), it’s as stated below.

1 Dollar(USD) to Naira(N) Exchange Rate Today In parallel market or Black Market

Selling ==> 1 Dollar to Naira =N358.5

Buying ==> 1 Dollar to Naira = N358.5

Aforementioned, the naira to dollar exchange rate in the parrallel or black market is varies as CBN rate, as such, it changes daily. Hence, we are here daily to serve you with the current exchange rate for Dollar to Naira in Black Market and also for the CBN ; Bookmarking this page is a nice option!

Dollar to Naira Black Market Exchange Rate Today [August 31, 2017]

Key Factors that Affect Foreign Exchange Rates

BALANCE OF PAYMENTS/COUNTRY’S CURRENT ACCOUNT : A country’s current account refers to the balance of trade and earnings on foreign investment in a country. It involves the total number of transactions which consist the country's exports, imports, debt, etc. More-so, a deficit in current account caused by spending more of the country's currency on importation, than it's earning through exportation, leads to depreciation. Balance of payments is one of the premium factor that varies exchange rate of a domestic currency.

INFLATION RATES:

However, increase in the price of goods and service leads to a variation in currency exchange rates. A country with a less inflation rate compared to another country's currency, there will obviously be an appreciation in the value of its currency. A country with a less inflation rate(United State as a model) possesses a positive currency value, while a country with higher inflation possesses depreciation in its currency, hence, leading to a higher interest rates

INTEREST RATES: Changes in interest rate affect currency value and dollar exchange rate. Interest rates, inflation and Forex rates are all interrelated. Hence, a rise in interest rates of a nation results to the country’s currency rise. This is because the higher the interest rates, the higher rates to lenders, thereby attracting more foreign capital to the country, moreover, leads to a rise in exchange rates of its currency.

RECESSION: Obviously, a country experiencing recession, its interest rates likely fall, thereby decreasing the chances of the country to acquiring foreign capital. Consequently, its currency falls in comparison to that of other countries, therefore reducing the exchange rate of its currency.

There are more other factor that causes a variation in currency exchange rate, such as: Terms of trade, Political stability, Speculation, e.t.c.

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DOLLAR TO NAIRA EXCHANGE RATE; TODAY [AUGUST 31st, 2017]