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Foreign Currency exchange rates in Nigeria today – 16 October 2023
Foreign Currency exchange rates in Nigeria today – 16 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.
Foreign 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 | ₦1040 |
| Selling Rate | ₦1049 |
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 | ₦1262 |
| Selling Rate | ₦1275 |
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 | ₦1075 |
| Selling Rate | ₦1090 |
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 | ₦810 |
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.
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
|---|---|---|---|---|
| 10/13/2023 | US DOLLAR | 764.926 | 765.426 | 765.926 |
| 10/13/2023 | POUNDS STERLING | 929.9205 | 930.5284 | 931.1362 |
| 10/13/2023 | EURO | 804.0902 | 804.6158 | 805.1414 |
| 10/13/2023 | SWISS FRANC | 844.6621 | 845.2142 | 845.7663 |
| 10/13/2023 | YEN | 5.1108 | 5.1141 | 5.1174 |
| 10/13/2023 | CFA | 1.2086 | 1.2186 | 1.2286 |
| 10/13/2023 | WAUA | 997.9949 | 998.6473 | 999.2996 |
| 10/13/2023 | RIYAL | 203.9096 | 204.0429 | 204.1762 |
| 10/13/2023 | DANISH KRONA | 107.7862 | 107.8566 | 107.9271 |
| 10/13/2023 | SDR | 1001.9766 | 1002.6315 | 1003.2865 |
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.
