Dollar to naira exchange rate today : CBN and Bank Rates for October 18, 2023.
The Nigerian naira has faced substantial difficulties, largely stemming from two key factors: the volatile nature of oil prices and a deficiency in foreign exchange reserves. This has led to a significant devaluation of the naira when compared to the US dollar, resulting in a marked disparity between the official and unofficial exchange rates.
Current dollar to naira exchange rate today According to CBN
The Central Bank of Nigeria (CBN) is responsible for overseeing the official exchange rate, which is utilized in foreign currency transactions involving authorized entities such as banks and bureau de change (BDCs). The CBN employs a range of policies and interventions to maintain a balance between the supply and demand of foreign exchange within Nigeria.
As of October 18, 2023, the CBN’s official dollar to naira exchange rate today stands at:
- Buying: ₦764.64 for $1
- Selling: ₦767.43 for $1
This signifies that the CBN sells one US dollar for ₦767.43 and purchases one US dollar for ₦764.64 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 18, 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 for $1
- Selling: ₦780 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
