Dollar to Naira Today in Black Market – 9/28/2023 can be accessed below.
GoldenNewsNg has obtained the official Dollar to Naira black market exchange rate in Nigeria today, along with the Black Market rates, Bureau De Change (BDC), and CBN rates. Please keep in mind that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of the latest update on the dollar to naira, you can purchase 1 dollar at ₦990 and sell it at ₦995. However, it’s crucial to note that the rate can shift, either upwards or downwards, within hours.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
- Buying Rate: ₦990
- Selling Rate: ₦995
CBN Official Dollar to Naira Exchange Rate Today
The Central Bank of Nigeria (CBN) provides the official exchange rate for the dollar to Naira today. As of Wednesday, 28th September 2023, the official exchange rate stands at N784.39 according to data published by CBN.
- 1 USD = 782.076 NGN
- 1 Dollar = 782.076 Nigerian Naira
The USD to NGN Rate as of 28th Sep 2023 at 8:30 AM is N990/ N995
Factors Influencing Foreign Exchange Rates
Understanding the factors that influence foreign exchange rates is crucial for anyone involved in currency trading or international business. Here are some of the causes of the fluctuating dollar-to-Naira exchange rate in Nigeria:
1. Inflation Rates
Inflation has a direct impact on black market exchange rates. A stable economy with controlled inflation benefits the Naira, but persistent inflation may lead to a decline in the Naira’s value. Rising costs of essential goods can contribute to this.
2. Interest Rates
Interest rates play a significant role. When banks increase lending interest rates, it can harm the economy, leading to a contraction and a lower Naira value.
3. Government Debt
The national debt level can affect investor confidence and the influx of funds into the economy. High inflows can lead to a stronger Naira exchange rate.
Speculators in the currency market can influence the Naira-to-dollar exchange rate. Their actions, such as hoarding currency in anticipation of a price increase, can push the Naira’s value even lower.
5. Conditions of Trade
Favorable terms of trade can boost the Naira’s value against the dollar. However, Nigeria is currently experiencing a trade deficit, meaning it imports more than it exports. This trade imbalance affects the exchange rate.
Disclaimer: GoldenNewsNg does not set or determine forex rates. Official NAFEX rates are obtained from the FMDQOTC website, while parallel market rates (black market rates) are sourced from various outlets, including online media. The rates you buy or sell forex may differ from those captured in this article.
In conclusion, staying informed about the ever-changing exchange rates and understanding the factors that drive these fluctuations is essential for individuals and businesses engaged in international currency exchange and trade.