Dollar to Naira Bank Rate Today Exchange Rate

Filed in Articles by on October 4, 2023

Dollar to Naira Bank Rate Today – The exchange rate of the two currencies fluctuates daily. Understanding the exchange rate between the Dollars and the Naira is a key factor for financial decisions and trade between the two countries.

dollar to naira bank rate today

Dollar to Naira Bank Rate Today

The exchange rate between dollar to naira in the bank fluctuates a lot and changes daily due to several economic factors.

At a buying rate, the dollar exchanges for naira at 746 naira and at selling rate it exchanges for naira at 747 naira per 1 dollar.

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Factors that Influences Dollar to Naira Bank Rate

1. Policies of Government: Government Policies can distort the official rate of exchange in the sense that the Government can introduce some restrictions on foreign exchange.

2. Inflation: When there is inflation in Nigeria, this can spoil the value of naira and tend to make people use foreign currencies for transaction.

3. Balance of Trade: The balance of trade and payments especially can impact greatly on the demand for foreign currency and this affects the exchange rates.

CSN Team.

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