How Much is a Dollar to Naira? You may have pondered on this question to know the current exchange rate of a dollar to naira. Whether it is the black market rate or the CBN rate, we have got you covered.
The exchange rate of the US dollar to the Nigerian Naira can fluctuate over time due to various factors. As of October 2023, here are the prevailing exchange rates:
Dollar to Naira (Bank Rate):
- Buying Rate: 1 dollar exchanges for 775 naira.
- Selling Rate: 1 dollar exchanges for 776 naira.
Dollar to Naira (Black Market Rate):
- Buying Rate: 1 dollar exchanges for 1050 naira.
- Selling Rate: 1 dollar exchanges for 1060 naira.
Several factors can influence the dollar to Naira exchange rate, including:
- Interest Rate: Higher interest rates in a country can attract foreign investors, increasing demand for its currency.
- Inflation Rate: Differences in inflation rates between the Naira and the Dollar can affect their values.
Keep in mind that exchange rates can fluctuate daily, so it’s a good idea to check the most recent rates from a reliable source if you’re planning any currency exchanges or financial transactions involving US dollars and Nigerian Naira.
