Dollar To Naira Black Market Today 12 November
Introduction
The exchange rate between the dollar and the naira has been a topic of discussion in Nigeria for several years. The exchange rate determines the value of the naira against the dollar. The black market exchange rate is one of the most popular exchange rates in Nigeria, and it is used by traders, business people, and individuals who want to exchange their dollars for naira. In this article, we will be discussing the dollar to naira black market exchange rate for today, November 12, 2021.
What is the dollar to naira black market exchange rate?
The dollar to naira black market exchange rate is the exchange rate at which the dollar can be exchanged for the naira on the black market. The black market is an unofficial market where individuals and businesses exchange currencies outside the official exchange rate. The official exchange rate in Nigeria is controlled by the Central Bank of Nigeria (CBN), while the black market exchange rate is determined by market forces.
Factors that influence the dollar to naira black market exchange rate
Several factors influence the dollar to naira black market exchange rate. These factors include:
- Supply and demand
- Inflation rate
- Political instability
- Oil prices
When there is high demand for the dollar and low supply of the naira, the exchange rate will be high. On the other hand, when there is low demand for the dollar and high supply of the naira, the exchange rate will be low. The inflation rate in Nigeria also affects the exchange rate. When the inflation rate is high, the exchange rate will be high. Political instability and oil prices also affect the exchange rate.
Dollar to naira black market exchange rate for today, November 12, 2021
As of today, November 12, 2021, the dollar to naira black market exchange rate is N565/$1. This means that if you want to exchange one dollar for naira on the black market, you will get N565.
Comparison with previous exchange rates
The dollar to naira black market exchange rate has been fluctuating in Nigeria for several years. Here is a comparison of the exchange rate for the past few months:
- August 12, 2021 - N522/$1
- September 12, 2021 - N550/$1
- October 12, 2021 - N560/$1
As you can see, the exchange rate has been increasing gradually over the past few months.
Impact of the exchange rate on the Nigerian economy
The exchange rate between the dollar and the naira has a significant impact on the Nigerian economy. When the exchange rate is high, it makes it expensive for businesses to import goods and services, and this can lead to inflation. It also affects the purchasing power of individuals and businesses, as they will need to spend more naira to purchase goods and services.
Conclusion
The dollar to naira black market exchange rate is an important exchange rate in Nigeria. As of today, November 12, 2021, the exchange rate is N565/$1. The exchange rate is influenced by several factors such as supply and demand, inflation rate, political instability, and oil prices. The exchange rate has been increasing gradually over the past few months, and this has an impact on the Nigerian economy.