Dollar to naira exchange rate today : CBN and Bank Rates for October 14, 2023.
In recent months, the Nigerian naira has faced considerable hurdles, primarily stemming from volatile oil prices and a scarcity of foreign exchange. Consequently, the naira has experienced a noticeable devaluation against the US dollar in both official and parallel markets, leading to a substantial disparity between the two exchange rates.
Current dollar to naira exchange rate today According to CBN
The official exchange rate at which the Central Bank of Nigeria (CBN) engages in foreign currency transactions with authorized entities like banks and bureau de change (BDCs) is controlled by the CBN. The CBN employs diverse policies and interventions to oversee the balance of foreign exchange supply and demand within Nigeria.
As of October 14, 2023, the CBN’s official dollar to naira exchange rate today stands at:
- Buying: 764.02 NGN for $1
- Selling: 768.02 NGN for $1
This signifies that the CBN sells one US dollar for ₦768.02 and purchases one US dollar for 764.02 naira from authorized dealers.
Dollar to naira exchange rate today in Banks
Conversely, commercial banks determine their exchange rates for buying and selling foreign currencies to their customers. Banks, as authorized foreign exchange dealers, acquire foreign currency from various sources, including the CBN, remittances, exports, and investments.
Dollar to Naira black market exchange rate today October 14, 2023
It’s crucial to acknowledge that bank exchange rates may exhibit variances among different banks due to factors such as the availability of foreign exchange, demand, and profit margins. However, banks must adhere to the CBN’s guidelines and regulations governing forex transactions.
According to the Investment and Export Window ( I&E) the average daily dollar to naira exchange rate today is as follows:
- Buying: 775.04 NGN for $1
- Selling: 780 NGN for $1
This signifies that banks sell one US dollar for 780 naira and buy one US dollar for 775.04 naira from their customers.
Factors Influencing the dollar to naira exchange rate today.
Numerous internal and external factors play pivotal roles in driving fluctuations in the dollar to naira exchange rate. Some of these influential factors encompass:
- Oil Prices: Nigeria’s economy heavily hinges on revenue generated from oil exports. Consequently, alterations in global oil prices wield significant influence on Nigeria’s foreign exchange earnings.
- Forex Demand: Nigeria consistently contends with substantial demand for foreign exchange to facilitate imports, service debts, repatriate profits, and meet other financial obligations. This persistent high demand frequently surpasses the available supply, exerting pressure on the naira’s value.
In an ever-evolving currency market, it is wise staying well-informed about the daily dollar to naira exchange rate today. Always visit
