In this post, you will get the latest update on Dollar to Naira Exchange Rate Today. We will be sharing with you, the dollar to naira bank rate and current dollar to naira black market exchange rate. Below is the exchange rate for today.
Dollar to Naira exchange rate today
Sell $1 = ₦362.
Buy $1 = ₦360.
Sell price: Price at which the market is selling.
Buy price: Price at which the market is buying.
CBN exchange rate Dollar to Naira: The Central Bank of Nigeria (CBN), exchange rate is the official amount Nigerian banks will convert dollar to naira. It’s currently at ₦305 ($1 = ₦305).
Dollar to Naira Black Market Rate: Black market is the same as the parallel market. The dollar to naira black market rate is ₦363 ($1 = ₦363).
Factors that Affect Foreign Exchange Rates
Inflation Rates: Inflation in Nigeria is currently at 16%. A country with a lower inflation rate than another’s will see an appreciation in the value of its currency.
Recession: During the period of economic decline, interest rates are likely to fall, decreasing its chances to acquire foreign capital. This weakens the currency compared to other countries.
National Debt: Any country with public debt is less likely to acquire foreign capital which leads to inflation. Other factors which influence the exchange rate includes interest rate, political stability and crude oil price which is currently at $51.85 per barrel.
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