Newsone has provided an update on the official CBN Dollar To Naira exchange rate today, which also includes exchange rates of Pounds to Naira, Euro to Naira, and more popular currencies used by Nigerians as well as the dollar to naira black market rate today.
IMPORTANT NOTICE: Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.
The parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the USD and the Nigerian Naira significantly impacts the Nigerian economy.
As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.
The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website.
Newsone Nigeria reports that the dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those on the black/parallel market.
What is the dollar to naira black market rate today?
The local currency (abokiFx) opened at ₦962.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, September 19, 2023, in Lagos Nigeria, after it closed at ₦960.00 per $1 on Monday, September 18, 2023.
The CBN Dollar to naira exchange rate today: The exchange rate for a dollar to naira at the official window is N789.5 as of Tuesday, 19 September 2023, according to the data published by CBN. The CBN exchange rate of dollar to naira today, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official is as follows:
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
9/18/2023
US DOLLAR
775.332
775.832
776.332
9/18/2023
POUNDS STERLING
960.1711
960.7903
961.4095
9/18/2023
EURO
827.5118
828.0455
828.5791
9/18/2023
SWISS FRANC
863.4948
864.0517
864.6085
9/18/2023
YEN
5.2497
5.2531
5.2565
9/18/2023
CFA
1.2282
1.2382
1.2482
9/18/2023
WAUA
1011.7832
1012.4357
1013.0882
9/18/2023
RIYAL
206.7111
206.8444
206.9777
9/18/2023
DANISH KRONA
110.9805
111.0521
111.1236
9/18/2023
SDR
1022.4303
1023.0897
1023.749
Factors Influencing Foreign Exchange Rate
Here are some of the causes of the dwindling dollar to naira exchange rate.
Inflation Rates:Â 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:Â 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:Â 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 favor of the naira.
Speculators:Â 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.
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