Dollar to naira exchange rate today : CBN and Bank Rates for October 20, 2023.
- I & E window rate today
The Nigerian naira has encountered significant challenges, primarily arising from two critical factors: the unpredictable fluctuations in oil prices and a shortage of foreign exchange reserves. These factors have contributed to a notable depreciation of the naira in comparison to the US dollar, leading to a considerable gap between the official and unofficial exchange rates.
Current dollar to naira exchange rate today According to CBN
The Central Bank of Nigeria (CBN) holds the responsibility of supervising the official exchange rate, which is applied in foreign currency dealings involving authorized entities, including banks and bureau de change (BDCs). The CBN utilizes a variety of policies and interventions to ensure equilibrium in the supply and demand of foreign exchange within Nigeria.
As of October 20, 2023, the CBN exchange rate dollar to naira today stands at:
- Buying: ₦774.94 for $1
- Selling: ₦777.94 for $1
This signifies that the CBN sells one US dollar for ₦777.94 and purchases one US dollar for ₦774.94 from authorized dealers.
FMDQ Exchange Rate Today
According to the FMDQ Securities Exchange Limited, the Investment and Export Window ( I&E) dollar to naira exchange rate today is as follows:
- Buying: ₦782.68 for $1
- Selling: ₦783.68 for $1
This signifies that banks sell one US dollar for 783.68 naira and buy one US dollar for 782.68 naira from their customers.
Dollar to Naira Bank rate today.
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.
GTBank Dollar to Naira exchange rate black market is as same as the FMDQ Exchange Rate.
Dollar to Naira black market exchange rate today October 20, 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.
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
