Home Business Naira To Dollar Exchange Rate For 23rd Oct 2023

Naira To Dollar Exchange Rate For 23rd Oct 2023

by AfroWorldNews

Naira to dollar exchange rate for today 23 October 2023, on afroworldnews.

How much is naira to dollar exchange rate today?

The exchange rate, according to the data released on the FMDQ Security Exchange the official forex trading portal showed that the Naira opened at ₦789.89 per dollar on Friday, October 20, 2023, and closed at ₦808.27 per $1 on Friday, October 20, 2023.

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Naira traded as high as N789 to the dollar at the investors and exporters (I&E) window and closed at on N808 on Friday.

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1160 and sell at N1170 on Monday 23rd October 2023, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1160
Selling Rate N1170

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Factors Affecting the Naira to Dollar Exchange Rate

The exchange rate is affected by various factors, including:

  1. Economic stability: A country’s economic stability is a major determinant of its exchange rate. Nigeria’s economy is largely dependent on oil exports, which makes it susceptible to fluctuations in the global oil market.
  2. Political stability: The political climate of a country also affects its exchange rate. Nigeria has a history of political instability, which can affect investors’ confidence in the country’s economy.
  3. Inflation: Inflation rates can also impact the exchange rate between two currencies. Nigeria has had a history of high inflation rates, which has contributed to the devaluation of the Naira.
  4. International trade: The exchange rate can also be affected by international trade. Nigeria is a major importer of goods, and its imports are largely paid for in foreign currency, such as the US dollar.

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