Dollar to Naira Bank rate today November 1, 2023: Dollar to Naira CBN rate

0

Dollar to Naira exchange rate today : Dollar to Naira CBN rate and Dollar to Naira Bank rate today for November 1, 2023. 

  • I & E window rate

The has faced substantial difficulties primarily because of two major factors: the erratic shifts in oil prices and a deficiency in reserves. These elements have led to a significant depreciation of the naira compared to the US , resulting in a noticeable gap between the official and unofficial exchange rates.

Current Dollar to Naira exchange rate today According to CBN.

The (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.

Advertisements

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

100 CBN rate:

As of November 1, 2023, the CBN  today stands at:

  • Buying: ₦998.83  for $1
  • Selling: ₦999.83 for $1

This signifies that the CBN sells one US dollar for ₦999.83 and purchases one US dollar for ₦998.83 from authorized dealers.

Advertisements

is about 99,000

FMDQ Exchange Rate Today

According to the FMDQ Securities Exchange Limited,  the Investment and Export Window ( I&E) today is as follows:

Advertisements
  • Buying: ₦998.83 for $1
  • Selling: ₦999.83 for $1

 

This signifies that banks sell one US dollar for 999.83 naira and buy one US dollar for 998.83 naira from their customers.

The exchange rate for the dollar to naira varies from bank to bank, but it is generally between 995.83 and 999.83 naira per dollar. Some banks may offer a slightly higher or lower rate, depending on the market conditions.

The dollar to naira bank rate today, Wednesday, November 1, 2023, varies depending on the bank. Here are the rates for some of the major banks in Nigeria:

Advertisements

Access Bank dollar rate

Access Bank: ₦993.83/ – Buying, ₦998.83/USD – Selling.

Advertisements

Zenith Bank dollar rate

Zenith Bank: ₦993.83/USD – Buying, ₦997.83/USD – Selling

Advertisements

.

Guaranty Trust Bank: ₦995.83/USD – Buying, ₦999.83/USD – Selling.

First bank dollar rate today in Nigeria

First Bank of Nigeria: ₦980.83/USD – Buying, ₦998.83/USD – Selling

Advertisements

UBA

United Bank for Africa: ₦991.83/USD – Buying, ₦996.83/USD – Selling.

Dollar to Naira Exchange Rate Hits All-Time Low at Official Window

GTBank Dollar to Naira is as same as the FMDQ Exchange Rate.

Advertisements

Dollar to Naira black market exchange rate today November 1, 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 for Today, 1st Nov 2023: 10 facts you should Know

Advertisements

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

  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

Advertisements
Our WhatsApp Channel

Advertisements

LEAVE A REPLY

Please enter your comment!
Please enter your name here