Dollar to Naira Exchange Rate Today Black Market & Official October 2017

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Dollar to Naira Exchange Rate Today Black Market and Official October 2017.

Bookmark this page for your daily update of how much is dollar to naira exchange rate today both in black market and CBN official rate for 2017. How much Naira to dollar todayexchange rate black market is the same as parallel market exchange rate of 1 Nigeria NGN to US $ and vice versa.

how much is dollar to naira exchange rate today black market

current dollar to naira exchange today rate in black market

Official rate and cbn rate can be used interchangeably in this context, they are the same thing. The same applies to parallel market and black market.

I won’t like to bore you with irrelevant things, so let’s go straight to the point. Which is the current official/CBN naira to dollar exchange rate today, exchange rate of dollar to naira black market, factors influencing the fluctuation as well as possible solution and how it affects numerous Nigerian.

Problem Statement and Objective of this Article.

Due to continuous depreciation of Nigeria Naira over the past months, numerous Nigerians involved in the importation, exportation, stock and forex trading have to keep themselves updated on the latest/current foreign exchange rate not only between the Dollar and the Naira, but also Euro to Naira exchange rate today black market, Pounds to Naira exchange rate today and each Nigerian bank exchange rates.

Knowing the current/latest exchange rate gives them hedge on if & how they should proceed with a transaction that involves trading in foreign currencies. The objective of this article is to provide you with current dollar to naira exchange rate today in black market as well as cbn exchange rate dollar to naira from December 2016 to October 2017.

Before i proceed, one other thing most Nigerians seems to frequently asked for is what is Foreign exchange? It is simply the means of payment for international transaction.

Dollar to Naira Exchange Rate Today Black Market.

Buying = N360.

Selling = N363.

CBN/Official Exchange Rate of Dollar to Naira Today.

Buying = N304.65.

Selling = N305.65.

Dollar to Naira Bank Rate Today.

Buying = N305 Naira.

Selling = N367 – N400. This varies with banks.

Western Union Dollar to Naira Rate.

Sending = N375.

Receiving = N355.

Money Gram Dollar Naira Rate.

Sending = N378

Receiving = N353.23.

Looking back at the dollar naira exchange rate history, it shows the NGN has not been doing great. The rate was 1 $ = N21.89 in 1999, today (2016/2017) the rate is 1$ = 315 Naira. How does that happen and does it affect Nigerians? Continue reading.

Bad Effects of Free Fall or Depreciating Naira Against Dollar on Nigerians.

1.) Importation.

The reduction in the value of Naira is an unfavorable circumstance for the importers. Since what used to cost them N100,000 to import into the country now cost N200,000 naira. So, they have to increase their selling price and when selling price increases, people might decline which in turn hurts their sales. If they continue like this, their business might collapse on the long run. This is one of the con of the current dollar to naira exchange rate today.

2.) Traveling.

A perfect example of the current dollar to naira exchange rate against Nigerians is the on going payment for Hajj. Some Muslim brothers and sisters are finding it difficult to complete the final stage of Pillars of Islam because of unfavorable dollar to naira exchange rate in various Nigerian banks. If not quickly mitigated might affect the Jerusalem Pilgrims and citizens going for Christmas or New year’s vacation at the end of the year.

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