Dollar To Naira Today Exchange Rate News, 27 October 2023 both CBN Official Market Rates and abokifx Black Market Rates.
Check the US Dollar to Nigerian Naira exchange rates for October 27, 2023, here. We list both official and black market rates, which change frequently due to ongoing trading. For the most current info, revisit this page often
Dollars to Naira Today Black Market 27/10/2023
| Dollar ($) | Buying (₦) | Selling (₦) |
| 1 USD | 1285 | 1290 |
| 2 USD | 2570 | 2580 |
| 5 USD | 6425 | 6450 |
| 10 USD | 12850 | 12900 |
| 15 USD | 19275 | 19350 |
| 20 USD | 25700 | 25800 |
| 25 USD | 32125 | 32250 |
| 50 USD | 64250 | 64500 |
| 100 USD | 128500 | 129000 |
| 500 USD | 642500 | 645000 |
| 1000 USD | 1285000 | 1290000 |
| 2500 USD | 3212500 | 3225000 |
| 5000 USD | 6425000 | 6450000 |
| 10000 USD | 12850000 | 12900000 |
CBN Official Dollars to Naira Today 27/10/2023
| Dollar ($) | Buying (₦) | Selling (₦) |
| 1 USD | 802.21 | 803.21 |
| 2 USD | 1604.42 | 1606.42 |
| 5 USD | 4011.05 | 4016.05 |
| 10 USD | 8022.1 | 8032.1 |
| 15 USD | 12033.15 | 12048.15 |
| 20 USD | 16044.2 | 16064.2 |
| 25 USD | 20055.25 | 20080.25 |
| 50 USD | 40110.5 | 40160.5 |
| 100 USD | 80221 | 80321 |
| 500 USD | 401105 | 401605 |
| 1000 USD | 802210 | 803210 |
| 2500 USD | 2005525 | 2008025 |
| 5000 USD | 4011050 | 4016050 |
| 10000 USD | 8022100 | 8032100 |
Dollar to Naira Rates News
Nigerian naira hits record low on the black market
CBN Official Exchange Rate – Dollar to Naira
The Nigerian naira hit a record low of 1,300 per dollar on the black market on Thursday, October 26, 2023. This is the latest in a series of setbacks for the naira, which has been in free fall since the Central Bank of Nigeria lifted currency restrictions on the official market.
The naira has been under pressure due to a number of factors, including:
- Thin trading volumes on the parallel market and dollar shortages on the official market: The black market is where people go to buy and sell foreign currency when they are unable to do so through official channels. Due to the dollar shortages, the black market has become increasingly important, but trading volumes have been thin, leading to higher prices.
- Excess dollar demand: There is a high demand for dollars in Nigeria, both from businesses and individuals. Businesses need dollars to import goods and services, while individuals need them to travel or to send money abroad. The high demand for dollars is putting further pressure on the naira.
- Speculation: Some traders are speculating on the future value of the naira, which is also contributing to its depreciation.
The Central Bank of Nigeria has tried to address some of these issues by intervening in the foreign exchange market and by introducing new policies. However, these measures have not been successful in stopping the naira’s decline.
The naira’s value is dropping, which is bad for Nigeria’s economy. This makes items from other countries cost more, causing prices to rise. It’s also hard for businesses to work and expand
The Nigerian government is facing increasing pressure to take action to stabilize the naira. However, it is unclear what steps it can take that will be effective.
What can be done to stabilize the naira?
There are a number of things that the Nigerian government can do to try to stabilize the naira. These include:
- Increasing dollar supply: The government needs to find ways to increase the supply of dollars in the foreign exchange market. This could be done by attracting foreign investment, increasing oil exports, or borrowing from foreign lenders.
- Reducing dollar demand: The government can also try to reduce dollar demand by discouraging imports and by encouraging businesses to export.
- Improving confidence in the naira: The government needs to take steps to improve confidence in the naira. This could be done by implementing sound economic policies and by communicating effectively with the public.
The government is also considering other options, such as introducing a new currency or pegging the naira to another currency. However, these options are controversial and it is unclear whether they would be effective.
Conclusion
The Nigerian naira is facing a number of challenges and it is unclear when it will stabilize. The Nigerian government needs to take action to address the underlying causes of the naira’s depreciation, such as the dollar shortage and the lack of confidence in the naira.