Current Dollar Rate to Naira: Check October 2023 Updated Price

Filed in Articles by on September 29, 2023

Do you know the current dollar rate to naira? The rate of dollar to naira is not always  stable and changes due to factors that influence the rate such as economic factors, trade factors and the purchasing power of the currencies involved.

current dollar rate to naira

Current Dollar Rate to Naira (Black Market)

A dollar to naira at a buying rate is 1002 naira and at selling rate, it is 1008 naira.

Current Dollar Rate to Naira (Bank Rate)

The Bank rate of for 1 Dollar is 763.65 naira.


Factors that Push the Exchange Rate               

There are factors that push the exchange rate, they include:

1. Economic Factors: The Nigerian Economy compared to that of the united states impact greatly on the exchange rate.

2. Interests: Interest rate differences between countries using the dollar and Naira can influence their values and this can also attract foreign capital.

3. Inflation Rates: High inflation rates destroy the value of Naira, this affects the exchange rates.

CSN Team.

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