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Home Dollar to Naira Exchange rate today

Currency exchange rates in Nigeria today – 12 October 2023

Philips Sunday by Philips Sunday
2 years ago
in Dollar to Naira Exchange rate today
CBN Exchange Rate Dollar to Naira Today 13 December 2024

Currency exchange rates in Nigeria today – 12 October 2023 can be accessed below.

Newsone has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

This online news platform understands that Nigerians prefer to exchange foreign currency, particularly the USD to Naira, on the black market since the conversion rate is much higher than what the bank offers.

On this page, you can discover all the facts and the current rate for dollar to Naira, both the CBN and the black market rate. You will also get to know about pound to naira, euro to naira, Canadian dollar to naira, and Ghanaian Cedi to naira rates.

Currency exchange rates in Nigeria today

Today’s Dollar to Naira black market rate: This is the rate at Aboki/Bureau De Change (BDC) is selling and buying The European currency (Euro) currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

Dollar to Naira Black Market

Dollar to Naira (USD to NGN)Exchange Rate Today
Buying Rate₦1030
Selling Rate₦1035

Pounds to Naira Black Market

Today’s Pounds to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Great British Pounds currency (Pounds) is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

Pounds to Naira (GBP to NGN)Exchange Rate Today
Buying Rate₦1253
Selling Rate₦1265

Euro to Naira Black Market

Today’s Euro to Naira black market rate: This is the rate at Aboki/Bureau De Change (BDC) is currently selling and buying The European currency (Euro) in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

Euro to Naira (EUR to NGN)Exchange Rate Today
Buying Rate₦1052
Selling Rate₦1065

CAD to Naira Black Market – Canadian dollar to naira

Today’s CAD to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Canadian Dollar currency (CAD) currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

CAD to Naira (CAD to NGN)Exchange Rate Today
Buying Rate₦780
Selling Rate₦800

Rand to Naira

Today’s Rand to Naira black market rate is the rate Aboki/Bureau De Change (BDC) is selling and buying. The Rand is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

Rand to Naira (ZAR to NGN)Black Market Exchange Rate Today
Buying Rate₦50
Selling Rate₦60

Ghanaian Cedi to Naira

Today’s Ghanaian Cedis to Naira black market rate is the rate Aboki/Bureau De Change (BDC) is selling and buying. The Ghanaian Cedis is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

Cedi to Naira (GHS to NGN)Black Market Exchange Rate Today
Buying Rate₦75
Selling Rate₦85

CBN Official Naira Exchange Rates

The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

DateCurrencyBuying(NGN)Central(NGN)Selling(NGN)
10/11/2023US DOLLAR768.099768.599769.099
10/11/2023POUNDS STERLING946.3748946.9908947.6069
10/11/2023EURO816.182816.7133817.2446
10/11/2023SWISS FRANC852.0233852.5779853.1326
10/11/2023YEN5.15365.1575.1604
10/11/2023CFA1.21171.22171.2317
10/11/2023WAUA1002.05281002.70511003.3574
10/11/2023RIYAL204.7663204.8996205.0329
10/11/2023DANISH KRONA109.4252109.4964109.5676
10/11/2023SDR1009.97341010.63081011.2883

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar-to-naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

Disclaimer: NEWSONE NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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