Daily Dollar to Naira black market exchange rate today, 14 October 2023 in Nigeria can be accessed below.
In Nigeria’s ever-changing financial environment, the current exchange rate for the Dollar to Naira in the black market, often referred to as the parallel market rate, continues to experience ongoing variations. The US dollar is displaying its dominance over the Nigerian naira in this unofficial market, where foreign currencies are traded without official government endorsement. For numerous Nigerians, this unregulated market has evolved into a vital benchmark, providing a more practical assessment of the economic landscape when compared to the official exchange rates.
Dollar to Naira black market exchange rate today October 14, 2023:
According to reports from bureau de change (BDC) operators, the Black Market Dollar to Naira exchange rate today stands at:
- Buying: 1035 NGN for $1
- Selling: 1040 NGN for $1
To simplify the Dollar to Naira black market exchange rate today for your understanding, traders in the black market are buying one US dollar for 1035 naira from customers and selling it for 1040 naira. This reflects a notable variance in comparison to official rates.
Dollar To Naira Yesterday
Yesterday, the exchange rate at the black market closed at ₦1035 for one $1.
Official CBN Exchange Rates as of October 10, 2023:
The Central Bank of Nigeria (CBN) sets the official exchange rates, with the following rates in effect:
- Buying: 764.02 NGN for $1
- Selling: 768.02 NGN for $1
Under these official rates, the CBN acquires one US dollar for 764.02 naira and sells it for 768.02 naira through authorized dealers.
Furthermore, data indicates that the average Dollar to Naira Exchange Rate Today at bank is as follows:
- Buying: 775.04 NGN for $1
- Selling: 780.04 NGN for $1
This implies that banks were selling one US dollar for 780.04 naira and buying it from customers for 775.04 naira.
Dollar to Naira Exchange Rates: CBN and Bank Rates as of October 14, 2023
Influential Factors in the Naira’s Depreciation Against the Dollar:
Several factors contribute to the devaluation of the naira against the US dollar, including:
- Oil Prices: Nigeria’s economy is heavily reliant on revenue generated from oil exports. A drop in oil prices reduces Nigeria’s foreign exchange earnings, adversely impacting its balance of payments.
- Forex Demand: Nigeria faces substantial demand for foreign exchange to cover imports, service debts, repatriate profits, and fulfill various financial obligations. This persistent high demand often surpasses the available supply, exerting pressure on the naira’s value.
- Forex Supply: Nigeria’s foreign exchange supply comes from various sources, including oil exports, non-oil exports, remittances, investments, loans, and reserves. These supplies can be influenced by external factors such as fluctuations in oil prices, global economic conditions, sanctions, and currency conflicts.
- CBN Policies: The Central Bank of Nigeria implements various policies and interventions to manage the exchange rate of the naira and stabilize the forex market. These measures encompass the multiple exchange rate system, the forex ban list, the forex allocation system, the forex intervention program, and the forex futures market.
- Market Sentiments: Market sentiments, including expectations, confidence, speculation, rumors, and emotions, significantly influence forex demand and supply. They can impact the behavior of forex dealers and customers.
The exchange rate of the dollar to naira holds great significance as an economic indicator of Nigeria’s performance and stability. This rate fluctuates across different markets, including the CBN, banks, and the black market. While CBN and bank rates are officially regulated, the black market rate is determined by market forces.
That is the latest daily Dollar to Naira black market exchange rate today. You can always visit this website for daily dollar to naira rates and the latest news in Nigeria.”
