Dollar to Naira Exchange Rate Today October 31, 2023 [CBN, I&E and Bank]

0
Dollar to naira today black market exchange rates
Advertisement

Dollar to naira exchange rate today : CBN and Bank Rates for October 31, 2023. 

  • I & E window rate today

The Nigerian naira has faced substantial difficulties primarily because of two major factors: the erratic shifts in oil prices and a deficiency in foreign exchange reserves. These elements have led to a significant depreciation of the naira compared to the US dollar, resulting in a noticeable gap 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 regulating the official exchange rate, which is used in foreign currency transactions involving authorized entities like banks and bureau de change (BDCs). The CBN utilizes various policies and interventions to ensure equilibrium in the supply and demand for foreign exchange within Nigeria.

Advertisement

Biography of 7 Supreme Court Justices to determine Tinubu, Atiku, Obi’s fate

As of October 31, 2023, the CBN exchange rate dollar to naira today stands at:

  • Buying: ₦788.69  for $1
  • Selling: ₦790.69 for $1

This signifies that the CBN sells one US dollar for ₦790.69 and purchases one US dollar for ₦788.69 from authorized dealers.

Advertisement

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: ₦788.69 for $1
  • Selling: ₦790.69 for $1

 

This signifies that banks sell one US dollar for 790.69 naira and buy one US dollar for 788.69 naira from their customers.

Dollar to Naira Bank rate today.

On the other hand, commercial banks establish their own exchange rates when it comes to purchasing and selling foreign currencies to their clients. Banks, operating as authorized foreign exchange dealers, procure foreign currency from various channels, including the Central Bank of Nigeria (CBN), remittances, exports, and investments.

GTBank Dollar to Naira exchange rate black market is as same as the FMDQ Exchange Rate.

Advertisement

Dollar to Naira black market exchange rate today October 31, 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.

Nigerian Newspaper Headlines: 10 things you need to know today, Oct 31 2023

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:

Dollar Speculators Count Losses as Naira Gains Ground on Black Market

Advertisement
  1. 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.
  2. 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.
daily dollar to naira exchange rate today 
Graphic of Dollars and Nairas

In an ever-evolving currency market, it is wise staying well-informed about the daily dollar to naira exchange rate today. Always visit

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here