Dollar To Naira Black Market Today 17 November
Introduction
For Nigerians, the exchange rate of the dollar to the naira is a very important issue. The value of the naira against the dollar affects the economy of the country in many ways. In this article, we will be discussing the dollar to naira black market rate as at today, 17th November, 2021.
What is the black market?
The black market is an illegal or unofficial market where goods and services are sold without government approval. In Nigeria, the black market for foreign exchange is where people buy and sell foreign currencies like the dollar, pounds, and euros outside the official exchange rate set by the Central Bank of Nigeria (CBN).
Why do people use the black market?
People use the black market because the official exchange rate set by the CBN is often not favorable. The black market rate is usually higher than the official rate, which means people can get more naira for their dollars on the black market.
What is the dollar to naira black market rate today?
As at today, 17th November, 2021, the dollar to naira black market rate is around 570 naira to one dollar. However, it is important to note that the rate is subject to change at any time depending on market forces and other factors.
Factors that affect the dollar to naira black market rate
Several factors can cause the dollar to naira black market rate to fluctuate. Some of these factors include:
1. Oil prices
Nigeria is a major exporter of crude oil, and the price of oil in the international market can have a significant impact on the value of the naira. When oil prices are high, Nigeria earns more foreign exchange, which can help to strengthen the naira against the dollar. However, when oil prices are low, the value of the naira can weaken.
2. Inflation
Inflation is the rate at which the general level of prices for goods and services is rising, and it can have a significant impact on the value of the naira. When inflation is high, the value of the naira can weaken, which can cause the dollar to naira black market rate to increase.
3. Government policies
Government policies like import and export restrictions, trade tariffs, and taxes can also affect the value of the naira. When the government introduces policies that restrict the flow of foreign exchange, it can cause the value of the naira to weaken against the dollar.
Conclusion
The dollar to naira black market rate is an important issue for Nigerians, and it is subject to fluctuations depending on several factors like oil prices, inflation, and government policies. As at today, 17th November, 2021, the rate is around 570 naira to one dollar, but it is important to keep an eye on the market as the rate can change at any time.