Exchange Rate Dollar to Naira: Check October 2023 Price Update

Filed in Articles by on September 29, 2023

Exchange rate of dollar to naira is a central focal point in Nigeria’s Economy. The exchange rate in relations to dollar and naira is usually influenced by foreign investment, international transactions and the ability to purchase and transact business in the country.

exchange rate dollar to naira

Black Market Exchange Rate of Dollar to Naira

The rate of dollar to naira in the black market isĀ  1002 naira to 1 dollar buying rate and 1008 naira to 1 dollar selling rate.

CBN Exchange Rate of Dollar to Naira

The CBN rate of exchange is 763.65 naira to 1 dollar.


Factors Influencing Exchange Rates

These factors below influences the rate of exchange of Dollar to Naira:

1. Economic Effects: The Economy of Nigeria in comparison to the United States can impact greatly on the exchange rates in terms of strength of the Economy.

2. Interest: The varied interest rates between the two countries can attract foreign capital and this can affect currency values.

3. Inflation Effect: The inflation level in Nigeria can mar the purchasing power of Naira, affecting exchange rates.

CSN Team.

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