Dollar to Naira Exchange Rates: CBN and Bank Rates for October 13, 2023
The Nigerian naira has encountered significant challenges in recent months due to fluctuating oil prices and a shortage of foreign exchange. This has resulted in a notable depreciation of the naira against the US dollar in both official and parallel markets, creating a substantial gap between the two exchange rates.
Current Dollar to Naira Exchange Rate According to CBN
The Central Bank of Nigeria (CBN) dictates the official exchange rate at which it conducts foreign currency transactions with authorized dealers, including banks and bureau de change (BDCs). The CBN manages the supply and demand of foreign exchange in Nigeria through various policies and interventions.
As of October 9, 2023, the CBN’s official exchange rate for the dollar to naira 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 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.
Black Market Dollar to Naira Today October 13, 2023: Abokifx USD to NGN
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 Investors King, a reputable digital business news platform, the average bank exchange rate for the dollar to naira on October 9, 2023, 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
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, staying well-informed about these factors remains imperative for making well-considered financial decisions amid these challenging times.
