Dollar To Naira Black Market Exchange Rate Today 13th October 2023
Discover the latest Dollar to Naira black market exchange rate for 13th October 2023. Understand the factors influencing this rate and stay informed about the financial landscape on Jobmulla,com
Are you eager to know the current Dollar to Naira black market exchange rate on the 13th of October, 2023? As the financial landscape experiences fluctuations, it’s crucial to stay informed about the latest developments in currency exchange rates. Below, Jobmulla.com provide insights into the black market exchange rate, official CBN rates, and the factors that influence these rates.
Dollar to Naira Black Market Exchange Rate Today
The Dollar to Naira black market exchange rate is subject to hourly fluctuations, shaped by the dynamic interplay of supply and demand for the US dollar in the market. As of now, you can purchase 1 dollar at ₦1040 and sell it at ₦1045 in the black market. It’s important to keep in mind that these rates can shift, either upwards or downwards, within hours.
What is the Naira to Dollar Black Market Exchange Rate Today?
The local currency, as represented by the black market rate, opened at ₦1040.00 per $1 in Lagos, Nigeria, on Friday, October 13, 2023.
- Buying Rate: ₦1040
- Selling Rate: ₦1045
CBN Official Dollar to Naira Exchange Rate Today
The Central Bank of Nigeria (CBN) reports the official dollar to Naira exchange rate. As of Friday, October 13, 2023, this rate stands at N766.71 per US dollar.
- 1 USD = 766.71 NGN
- 1 Dollar = 766.71 Nigerian Naira
Factors Influencing Foreign Exchange Rates
Several factors contribute to the fluctuating dollar-to-Naira exchange rate:
Inflation Rates: Inflation directly impacts black market exchange rates. A stable Nigerian economy and controlled inflation benefit the Naira. Conversely, a falling Naira may indicate increasing costs of goods and services.
Interest Rates: Interest rates are crucial. If lending rates rise, it can negatively impact the economy, causing a Naira devaluation.
Government Debt: National debt levels can affect investor confidence and fund inflow. High inflows favor the Naira’s exchange rate.
Speculators: Speculators can influence the Naira-to-dollar exchange rate by hoarding currency, leading to a further Naira depreciation.
Conditions of Trade: Favorable trade terms can strengthen the Naira against the dollar. Currently, Nigeria faces a trade deficit, importing goods from countries like China, India, and various Asian nations.
In conclusion, keeping a close watch on the Dollar to Naira exchange rate, including both black market and official rates, is essential for understanding the financial dynamics at play. Stay updated and well-informed to make sound financial decisions in this ever-evolving landscape.