In this article, you will get to see the dollar to naira black market exchange rate in Nigeria today, as well as the official rate from the Central Bank of Nigeria. Here at NigerianFact, we know the importance of knowing the exact dollar to naira exchange rate even if you are in Nigeria or any part of the world. That is why this page will be bringing to you real time updates of the dollar to naira black market exchange rate and that of CBN. You can bookmark this page, so you can keep yourself updated.
Factors That Affect the Dollar to Naira Exchange Rate
The exchange rate of the US dollar to the Nigerian naira is constantly fluctuating due to a variety of economic factors. The official exchange rate, set by the Central Bank of Nigeria, is always low, and you will see today’s rate as you read on. However, the unofficial or black market rate can vary significantly and is often higher than the official rate.
One of the main factors that affect the exchange rate is the level of foreign reserves held by the Central Bank of Nigeria. When the bank has a high level of reserves, it is able to support the value of the naira by buying and selling dollars on the open market. However, when reserves are low, the bank may allow the naira to depreciate in value.
Another factor that can affect the exchange rate is the level of inflation in Nigeria. When inflation is high, the value of the naira may decrease, leading to a higher exchange rate for the dollar. This can be caused by a variety of factors, including rising oil prices, which can lead to an increase in the cost of goods and services in the country.
The level of foreign investment in Nigeria can also affect the exchange rate. When there is a high level of foreign investment, the demand for the naira increases, which can lead to a stronger currency. Conversely, when there is a lack of foreign investment, the demand for the naira decreases, which can lead to a weaker currency.
The exchange rate can also be affected by the political and economic stability of the country. In times of political instability or economic turmoil, investors may be less likely to invest in Nigeria, which can lead to a weaker naira.
Dollar to Naira Exchange Rate in CBN Today
The CBN dollar to naira exchange rate in Nigeria today is N766 per $1. Remember, I earlier told you that this official rate is always lower than that of aboki or black market. You can confirm the later exchange rates below.
Dollar to Naira Black Market Exchange Rate in Nigeria Today
The dollar to naira black market exchange rate in Nigeria today is as follows:
Buying rate: N999 per $1
Selling rate: N1005 per $1
Overall, the exchange rate of the dollar to the naira is affected by a complex combination of economic and political factors. The official exchange rate is determined by the Central Bank of Nigeria, but the unofficial or black market rate can vary significantly. It is important to monitor the exchange rate and be aware of the factors that can affect it in order to make informed decisions about currency exchange in Nigeria.