Knowing the currency exchange rate is very important, especially to those who engage in online and international business within Nigeria. A so of submitting this post, the exchange rate for a dollar to naira at the Aboki Forex Market (Black Market) participants is N758 to N762. 100 US dollars ($100) exchanged for 75,800 Naira at the Aboki Forex Market (Black Market) today as of 23/05/2023.
Dollar to Naira Exchange rate today
Dollar to Naira (USD to NGN) Black market exchange rate today Date
Buying Rate 755 23/05/2023
Selling Rate 744 23/05/2023
Pound to Naira (GBP to NGN) Black Market Exchange rate today Date
Buying rate 910 23/05/2023
selling rate 930 23/05/2023
Euro to Naira (EUR to NGN) Black Market Exchange rate today Date
Buying rate 760 23/05/2023
Selling rate 780 23/05/2023
Canadian Dollar to Naira ( CAD to NGN) Black Market Exchange rate today Date
Buying rate 342 23/05/2023
Selling rate 343 23/05/2023
Dirham to Naira (AED to NGN) Black Market Exchange rate today Date
Buying rate 155 23/05/2023
Selling rate 165 23/05/2023
CBN Official Naira Exchange Rates
The data according to Central Bank of Nigeria (CBN) exchange rate of dollar to naira rate in which is best at (Forex).
The data is as follows:
Note: This is the exchange rate at which commercial banks exchange currency.
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
|---|---|---|---|---|
| 5/18/2023 | US DOLLAR | 460.34 | 460.84 | 461.34 |
| 5/18/2023 | POUNDS STERLING | 572.8471 | 573.4693 | 574.0915 |
| 5/18/2023 | EURO | 497.8577 | 498.3985 | 498.9392 |
| 5/18/2023 | SWISS FRANC | 511.3752 | 511.9307 | 512.4861 |
| 5/18/2023 | YEN | 3.3402 | 3.3438 | 3.3474 |
| 5/18/2023 | CFA | 0.7406 | 0.7506 | 0.7606 |
| 5/18/2023 | WAUA | 615.3425 | 616.0108 | 616.6792 |
| 5/18/2023 | YUAN/RENMINBI | 65.5046 | 65.5762 | 65.6478 |
| 5/18/2023 | RIYAL | 122.7442 | 122.8776 | 123.0109 |
| 5/18/2023 | SOUTH AFRICAN RAND | 23.764 | 23.7898 | 23.8156 |
Read also: How to become a pro-crypto trader – rexpays
FACTORS AFFECTING THE FOREIGN EXCHANGE RATE
The following factors affect the foreign exchange market;
1. Inflation Rates:
It is common knowledge that inflation directly influences black market exchange rates. The naira will gain if the Nigerian economy can be stable and inflation is managed; but, if the naira continues to decrease, it may imply that food and other needs are getting more costly daily.
2. Interest Rates
Interest rates are another instrument to keep an eye on. If the interest rate at which banks lend money rises, the economy will decrease, and the value of the naira will fall.
3. Government debt
Government debt has the potential to affect investor confidence and, as a result, the flow of capital into the economy. If inflows are large, the naira exchange rate will stabilize.
4. Speculators
Speculators have a significant effect on the naira-to-dollar exchange rate. They hoard money in expectation of a profit, pushing the naira to fall even more.
5. Trade Conditions
Although Nigeria is presently running a trade deficit, favorable trade terms would boost the naira’s value against the dollar. China, India, and the rest of the Asian countries supply everything.
The current CBN rate in Nigeria could be worth checking out before proceeding to exchange.
