Dollar to Naira Today 2nd December 2023 ( Black Market & CBN Rate)
Dollar to Naira Exchange Rate Today – 2nd December 2023
For the most accurate and up-to-date information on the exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN), GoldenNewsNg provides the latest rates from various sources including the The Dollar to Naira Black Market rate , Bureau De Change (BDC), and the Dollar to Naira Central Bank of Nigeria (CBN). Please note that these rates are subject to hourly fluctuations based on the demand and supply of dollars in the market.
Dollar to Naira Black Market Rate Today 2nd December 2023:
As of today, Friday, 2nd December 2023, the exchange rate for 1 US Dollar to Naira on the black market is ₦1,165.00. This represents a slight increase from the rate of ₦1,160.00 per $1 on Thursday, 30th November 2023.
Dollar to Naira Black Market Rate Today:
| Dollar to Naira (USD to NGN) | Exchange Rate Today |
| Buying Rate | ₦1,160 |
| Selling Rate | ₦1,165 |
Dollar to Naira CBN Rate Today:
| Dollar to Naira (USD to NGN) | Exchange Rate Today |
| Buying Rate | ₦953.14 |
| Selling Rate |
As of today, Friday, 2nd December 2023, the exchange rate for 1 US Dollar to Naira CBN rate is ₦953.14.
Factors Influencing Foreign Exchange Rates:
Several factors contribute to the fluctuations in the dollar-to-naira exchange rate. Here are some of the key influencers:
- Inflation Rates: Inflation has a direct impact on exchange rates. If inflation is controlled and the economy is stable, the naira strengthens. However, rising inflation may lead to a weaker naira.
- Interest Rates: Changes in interest rates influence the economy. Higher interest rates can attract foreign investment, strengthening the naira, while lower rates may lead to a weaker currency.
- Government Debt: National debt levels affect investor confidence. High levels of debt may deter investors, weakening the naira.
- Speculation: Speculators in the forex market can influence exchange rates. Anticipated gains or losses may lead to increased buying or selling of currencies.
- Conditions of Trade: Trade terms impact the naira’s value. Favorable trade conditions can strengthen the currency.
Disclaimer: GoldenNewsNg provides information on forex rates, but it doesn’t set or determine the rates. The official NAFEX rates are obtained from the FMDQOTC website, while parallel market rates (black market rates) are gathered from various sources. Actual buying or selling rates may vary from those mentioned in this article.
