CBN Dollar to naira today black market

Dollar to naira today black market

CBN Dollar to naira

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CBN Dollar to naira today black market- 

In this article, we are going to give you the current prices of the CBN dollars to Nigerian Naira currency.

Discuss about CBN dollar to naira today black market,  CBN portal, and CBN exchange rate today. Do keep tuned to this website six9ja for more information.

cbn dollar to naira today

How much is dollar at CBN rate today?

CBN Exchange Rates
Currency Sell / Buy Rate Change
USD ₦ 747.6 / 746.6 -2.82%

What is the CBN rate of Naira to Dollar?

Weighted Average Rate (I & E)
Date Currency Buying(NGN)
9/28/2023 US DOLLAR 766.467

Cbn dollar to naira today black market

The CBN rate is actually cheaper than the black market rate. The CBN rate with its buying (NGN) at ₦761.543 is currently central (NGN) at ₦762.043 and currently selling (NGN) at ₦762.543.

100 CBN dollar to naira

How much is 100 dollars in CBN rate? – Dollar to Naira in CBN
75,745.5 Naira

200 CBN dollar to naira

151,491 Naira

500 CBN dollar to naira

378,727.5 Naira

1000 CBN dollar to naira

757,455 Naira

Dollar to naira today black market

On 03/10/2023, Dollar to Naira black market exchange rate today is between the price of ₦990 and ₦995 with an average of ₦991.67.

How much is $1 dollar in naira now?

The exchange rate today for 1 USD to NGN is 766 naira.

Aboki dollar to naira today

CBN portal

The Central Bank of Nigeria is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959.

Founder: House of Representatives of Nigeria
Bank rate: 18.7% (July 2023)
Currency: Nigerian naira; NGN (ISO 4217)
Headquarters: Abuja, FCT, Nigeria

The mandate of the Central Bank of Nigeria (CBN) is derived from the 1958 Act of Parliament, as amended in 1991, 1993,1997,1998,1999 and 2007.

The CBN Act of 2007 of the Federal Republic of Nigeria charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government.

The objects of the CBN are as follows:

  1. ensure monetary and price stability;
  2. issue legal tender currency in Nigeria;
  3. maintain external reserves to safeguard the international value of the legal tender currency;
  4. promote a sound financial system in Nigeria; and
  5. act as a Banker and provide economic and financial advice to the Federal Government.

Consequently, the Bank is responsible for administering the Banks and Other Financial Institutions Act (BOFIA), 2020, with the sole aim of ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system.

In addition to its core functions, CBN has performed some major developmental functions over the years, focussing on all the Nigerian economy’s key sectors (financial, agricultural, and industrial sectors). Overall, these mandates are carried out by the Bank through its various departments.

CBN exchange rate

Also, see: Australian dollars to Nigerian naira today

Dollar to naira yesterday

1 US Dollar to Nigerian Naira Exchange Rate Updated: 05/10/2023
Date US Dollar to Nigerian Naira
Wednesday 4 October 2023 1 USD = 766.3 NGN USD NGN rate for 04/10/2023
Tuesday 3 October 2023 1 USD = 766.0 NGN USD NGN rate for 03/10/2023
Monday 2 October 2023 1 USD = 768.6 NGN USD NGN rate for 02/10/2023
Sunday 1 October 2023 1 USD = 775.3 NGN USD NGN rate for 01/10/2023
Saturday 30 September 2023 1 USD = 779.8 NGN USD NGN rate for 30/09/2023
Friday 29 September 2023 1 USD = 770.5 NGN USD NGN rate for 29/09/2023
Thursday 28 September 2023 1 USD = 778.5 NGN USD NGN rate for 28/09/2023
Wednesday 27 September 2023 1 USD = 781.5 NGN USD NGN rate for 27/09/2023
Tuesday 26 September 2023 1 USD = 779.6 NGN USD NGN rate for 26/09/2023
Monday 25 September 2023 1 USD = 780.3 NGN USD NGN rate for 25/09/2023
Sunday 24 September 2023 1 USD = 767.8 NGN USD NGN rate for 24/09/2023
Saturday 23 September 2023 1 USD = 765.2 NGN USD NGN rate for 23/09/2023
Friday 22 September 2023 1 USD = 770.5 NGN USD NGN rate for 22/09/2023
Thursday 21 September 2023 1 USD = 770.0 NGN USD NGN rate for 21/09/2023
Wednesday 20 September 2023 1 USD = 774.4 NGN USD NGN rate for 20/09/2023
Tuesday 19 September 2023 1 USD = 775.5 NGN USD NGN rate for 19/09/2023
Monday 18 September 2023 1 USD = 788.2 NGN USD NGN rate for 18/09/2023
Sunday 17 September 2023 1 USD = 784.0 NGN USD NGN rate for 17/09/2023
Saturday 16 September 2023 1 USD = 783.2 NGN USD NGN rate for 16/09/2023
Friday 15 September 2023 1 USD = 784.7 NGN USD NGN rate for 15/09/2023
Thursday 14 September 2023 1 USD = 777.7 NGN USD NGN rate for 14/09/2023
Wednesday 13 September 2023 1 USD = 746.7 NGN USD NGN rate for 13/09/2023
Tuesday 12 September 2023 1 USD = 744.9 NGN USD NGN rate for 12/09/2023
Monday 11 September 2023 1 USD = 752.8 NGN USD NGN rate for 11/09/2023
Sunday 10 September 2023 1 USD = 788.9 NGN USD NGN rate for 10/09/2023
Saturday 9 September 2023 1 USD = 785.5 NGN USD NGN rate for 09/09/2023
Friday 8 September 2023 1 USD = 785.5 NGN USD NGN rate for 08/09/2023
Thursday 7 September 2023 1 USD = 785.4 NGN USD NGN rate for 07/09/2023
Wednesday 6 September 2023 1 USD = 754.4 NGN USD NGN rate for 06/09/2023
Tuesday 5 September 2023 1 USD = 758.2 NGN USD NGN rate for 05/09/2023
Monday 4 September 2023 1 USD = 757.5 NGN USD NGN rate for 04/09/2023
Sunday 3 September 2023 1 USD = 757.1 NGN USD NGN rate for 03/09/2023
Saturday 2 September 2023 1 USD = 775.5 NGN USD NGN rate for 02/09/2023
Friday 1 September 2023 1 USD = 775.5 NGN USD NGN rate for 01/09/2023
Thursday 31 August 2023 1 USD = 774.1 NGN USD NGN rate for 31/08/2023
Wednesday 30 August 2023 1 USD = 773.2 NGN USD NGN rate for 30/08/2023
Tuesday 29 August 2023 1 USD = 772.5 NGN USD NGN rate for 29/08/2023
Monday 28 August 2023 1 USD = 772.6 NGN USD NGN rate for 28/08/2023
Sunday 27 August 2023 1 USD = 773.9 NGN USD NGN rate for 27/08/2023
Saturday 26 August 2023 1 USD = 775.0 NGN USD NGN rate for 26/08/2023
Friday 25 August 2023 1 USD = 772.2 NGN USD NGN rate for 25/08/2023
Thursday 24 August 2023 1 USD = 755.8 NGN USD NGN rate for 24/08/2023
Wednesday 23 August 2023 1 USD = 761.3 NGN USD NGN rate for 23/08/2023
Tuesday 22 August 2023 1 USD = 761.1 NGN USD NGN rate for 22/08/2023
Monday 21 August 2023 1 USD = 765.4 NGN USD NGN rate for 21/08/2023
Sunday 20 August 2023 1 USD = 767.8 NGN USD NGN rate for 20/08/2023
Saturday 19 August 2023 1 USD = 765.9 NGN USD NGN rate for 19/08/2023
Friday 18 August 2023 1 USD = 769.5 NGN USD NGN rate for 18/08/2023
Thursday 17 August 2023 1 USD = 768.5 NGN USD NGN rate for 17/08/2023
Wednesday 16 August 2023 1 USD = 760.6 NGN USD NGN rate for 16/08/2023
Tuesday 15 August 2023 1 USD = 761.5 NGN USD NGN rate for 15/08/2023
Monday 14 August 2023 1 USD = 766.9 NGN USD NGN rate for 14/08/2023
Sunday 13 August 2023 1 USD = 772.2 NGN USD NGN rate for 13/08/2023
Saturday 12 August 2023 1 USD = 771.3 NGN USD NGN rate for 12/08/2023
Friday 11 August 2023 1 USD = 769.2 NGN USD NGN rate for 11/08/2023
Thursday 10 August 2023 1 USD = 769.4 NGN USD NGN rate for 10/08/2023
Wednesday 9 August 2023 1 USD = 765.5 NGN USD NGN rate for 09/08/2023
Tuesday 8 August 2023 1 USD = 751.0 NGN USD NGN rate for 08/08/2023
Monday 7 August 2023 1 USD = 768.3 NGN USD NGN rate for 07/08/2023
Sunday 6 August 2023 1 USD = 765.6 NGN USD NGN rate for 06/08/2023
Saturday 5 August 2023 1 USD = 764.8 NGN USD NGN rate for 05/08/2023
Friday 4 August 2023 1 USD = 767.4 NGN USD NGN rate for 04/08/2023
Thursday 3 August 2023 1 USD = 778.0 NGN USD NGN rate for 03/08/2023
Wednesday 2 August 2023 1 USD = 776.4 NGN USD NGN rate for 02/08/2023
Tuesday 1 August 2023 1 USD = 758.5 NGN USD NGN rate for 01/08/2023
Monday 31 July 2023 1 USD = 760.4 NGN USD NGN rate for 31/07/2023
Sunday 30 July 2023 1 USD = 774.1 NGN USD NGN rate for 30/07/2023
Saturday 29 July 2023 1 USD = 775.7 NGN USD NGN rate for 29/07/2023
Friday 28 July 2023 1 USD = 775.8 NGN USD NGN rate for 28/07/2023
Thursday 27 July 2023 1 USD = 790.0 NGN USD NGN rate for 27/07/2023
Wednesday 26 July 2023 1 USD = 791.1 NGN USD NGN rate for 26/07/2023
Tuesday 25 July 2023 1 USD = 789.3 NGN USD NGN rate for 25/07/2023
Monday 24 July 2023 1 USD = 792.6 NGN USD NGN rate for 24/07/2023
Sunday 23 July 2023 1 USD = 792.0 NGN USD NGN rate for 23/07/2023
Saturday 22 July 2023 1 USD = 792.0 NGN USD NGN rate for 22/07/2023
Friday 21 July 2023 1 USD = 776.5 NGN USD NGN rate for 21/07/2023
Thursday 20 July 2023 1 USD = 781.8 NGN USD NGN rate for 20/07/2023
Wednesday 19 July 2023 1 USD = 791.5 NGN USD NGN rate for 19/07/2023
Tuesday 18 July 2023 1 USD = 778.6 NGN USD NGN rate for 18/07/2023
Monday 17 July 2023 1 USD = 777.5 NGN USD NGN rate for 17/07/2023
Sunday 16 July 2023 1 USD = 775.8 NGN USD NGN rate for 16/07/2023
Saturday 15 July 2023 1 USD = 775.6 NGN USD NGN rate for 15/07/2023
Friday 14 July 2023 1 USD = 777.0 NGN USD NGN rate for 14/07/2023
Thursday 13 July 2023 1 USD = 777.5 NGN USD NGN rate for 13/07/2023
Wednesday 12 July 2023 1 USD = 776.5 NGN USD NGN rate for 12/07/2023
Tuesday 11 July 2023 1 USD = 790.2 NGN USD NGN rate for 11/07/2023
Monday 10 July 2023 1 USD = 787.7 NGN USD NGN rate for 10/07/2023
Sunday 9 July 2023 1 USD = 766.1 NGN USD NGN rate for 09/07/2023
Saturday 8 July 2023 1 USD = 762.5 NGN USD NGN rate for 08/07/2023
Friday 7 July 2023 1 USD = 769.5 NGN USD NGN rate for 07/07/2023
Thursday 6 July 2023 1 USD = 774.1 NGN USD NGN rate for 06/07/2023
Wednesday 5 July 2023 1 USD = 774.5 NGN USD NGN rate for 05/07/2023

Factors Influencing Foreign Exchange Rates

Foreign exchange rates play a crucial role in the global economy, impacting trade, investment, and international transactions. Understanding the factors that influence these exchange rates is essential for businesses, investors, and individuals involved in international finance. In this article, we will explore the key factors that drive foreign exchange rates and their implications.

Outline

  1. Introduction
  2. Supply and demand in the forex market
  3. Interest rates and monetary policy
  4. Inflation and purchasing power parity
  5. Economic indicators and market sentiment
  6. Political stability and geopolitical factors
  7. Current account and balance of payments
  8. Central bank interventions
  9. Capital flows and investor sentiment
  10. Market speculation and sentiment
  11. The interconnectedness of global markets
  12. Commodity prices and terms of trade
  13. Government policies and regulations
  14. Exchange rate regimes
  15. Impact on International Trade and Investment
  16. Conclusion
  17. FAQs

Factors Influencing Foreign Exchange Rates

1. Introduction

Foreign exchange rates refer to the relative value of one currency compared to another. These rates are determined by a complex interplay of various factors that shape the supply and demand dynamics in the foreign exchange market.

Understanding these factors is crucial for predicting and managing exchange rate fluctuations.

2. Supply and demand in the forex market

Foreign exchange rates are primarily influenced by the supply and demand dynamics in the forex market. When the demand for a currency exceeds its supply, its value appreciates, and vice versa.

Several factors contribute to the supply and demand of currencies, including economic conditions, interest rates, inflation, and investor sentiment.

3. Interest rates and monetary policy

Interest rates have a significant impact on exchange rates. Central banks use interest rates as a tool to control inflation and stabilize the economy.

Higher interest rates attract foreign investors, leading to increased demand for the currency and a stronger exchange rate. Conversely, lower interest rates can discourage foreign investment and weaken the currency.

4. Inflation and purchasing power parity

Inflation refers to the rate at which prices for goods and services rise over time. Countries with low inflation tend to have stronger currencies, as their purchasing power remains relatively stable.

The theory of purchasing power parity suggests that exchange rates should adjust to equalize the prices of identical goods in different countries.

5. Economic indicators and market sentiment

Economic indicators, such as GDP growth, employment data, and consumer confidence, provide insights into the overall health of an economy.

Positive economic indicators can boost investor confidence and attract foreign investment, leading to a stronger currency. Conversely, negative economic news can result in currency depreciation.

6. Political stability and geopolitical factors

Political stability and geopolitical developments significantly influence foreign exchange rates. Countries with stable governments and sound policies are more likely to attract foreign investment and have stronger currencies.

On the other hand, political uncertainty, conflicts, or geopolitical tensions can lead to currency volatility and depreciation.

7. Current account and balance of payments

The current account and balance of payments reflect a country’s trade and financial transactions with the rest of the world.

A current account surplus, indicating that a country exports more than it imports can strengthen its currency. Conversely, a current account deficit can weaken the currency.

8. Central bank interventions

Central banks sometimes intervene in the foreign exchange market to stabilize or influence their currency’s value. They may buy or sell currencies to increase or decrease their supply, thereby impacting the exchange rate.

Central bank interventions can be driven by various objectives, such as promoting exports, controlling inflation, or managing economic imbalances.

9. Capital flows and investor sentiment

Capital flows, including foreign direct investment, portfolio investment, and speculative capital, can have a significant impact on exchange rates.

When investors perceive a country as attractive for investment, they increase their demand for its currency, leading to appreciation. Conversely, capital outflows can weaken a currency.

10. Market speculation and sentiment

Market speculation and sentiment can drive short-term fluctuations in exchange rates. Traders and investors closely monitor market trends, news, and sentiment to make buy or sell decisions.

Positive market sentiment can strengthen a currency, while negative sentiment can lead to depreciation.

11. Interconnectedness of global markets

In today’s interconnected world, developments in one market can quickly impact others. Global financial markets are closely intertwined, and events in major economies can have ripple effects on exchange rates.

Factors such as interest rate changes, economic crises, or policy shifts in influential countries can affect currencies worldwide.

12. Commodity prices and terms of trade

Countries heavily reliant on commodity exports are vulnerable to fluctuations in commodity prices. Changes in commodity prices, such as oil, metals, or agricultural products, can impact a country’s terms of trade and its currency.

Higher commodity prices generally strengthen the currencies of commodity-exporting countries.

13. Government policies and regulations

Government policies and regulations, including trade policies, fiscal policies, and capital controls, can affect exchange rates.

For example, protectionist measures or tariffs can impact a country’s trade balance and currency value.

Likewise, changes in tax policies or government spending can influence investor sentiment and currency flows.

14. Exchange rate regimes

Different countries adopt various exchange rate regimes, such as fixed, floating, or managed exchange rates.

The chosen regime influences the flexibility of the exchange rate and the extent to which it can be influenced by market forces or government interventions.

15. Impact on international trade and investment

Foreign exchange rates have a direct impact on international trade and investment. A stronger domestic currency can make exports more expensive and imports cheaper, potentially affecting a country’s trade balance.

Exchange rate fluctuations also impact the profitability of foreign investments and the cost of servicing international debt.

 Conclusion

Foreign exchange rates are influenced by a complex interplay of factors, including supply and demand dynamics, interest rates, inflation, economic indicators, political stability, and market sentiment. Understanding these factors is essential for businesses, investors, and individuals involved in international finance.

By staying informed and monitoring these influences, stakeholders can make informed decisions to manage exchange rate risks and seize opportunities in the global market.

FAQs

  1. Q: How often do foreign exchange rates change? A: Foreign exchange rates can change frequently, sometimes even multiple times within a single day. They are influenced by various factors and can be volatile.
  2. Q: Can governments manipulate exchange rates? A: Governments can intervene in the foreign exchange market to influence their currency’s value, but long-term sustainable changes are challenging to achieve.
  3. Q: How do exchange rates impact travel expenses? A: Exchange rates determine the cost of converting one currency into another, affecting travel expenses for individuals visiting other countries.
  4. Q: Are exchange rates the same for all currencies? A: Exchange rates vary for different currency pairs based on their relative value in the forex market. Each currency has its own exchange rate against others.
  5. Q: Do all countries have their own currency? A: No, some countries share a common currency, such as the Eurozone countries using the euro. Shared currencies eliminate exchange rate fluctuations within the group.
 

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