Dollar to Naira exchange rate in Nigerian black Market and Banks [November 2017]

This post will expose to dollar to Naira exchange rate in Nigerian black Market and banks. How much is dollar to Naira, Nigerian bank exchange, factors affecting Nigeria exchange rate and causes of fluctuating exchange rate in Nigeria.

The (USD) dollar to Nigerian Naira exchange rate today varies between the CBN exchange rate and the parallel market (black market) exchange rate. Going by the CBN exchange rate is pegged at, 1 USD = N315.75 The official exchange rate for the country’s currency, the naira, is around N305 to the dollar. But banks lend to each other at a second rate. A third rate is used by international money transfer companies. Perhaps the most important rate is the one found on the black market (currently 362).

Dollar to Naira exchange rate in Nigerian black Market and Banks [October 2017]

1 Dollar(USD) to Naira(N) Exchange Rate Today In Black Market

Buying => 1 Dollar to Naira = N360

Selling => 1 Dollar to Naira =N363

1 Pounds (GBP) to Naira(N) Exchange Rate Today In Black Market

Buying => 1 GBP to Naira = N470

Selling => 1 GBP to Naira =N475

1 (EUR) to Naira(N) Exchange Rate Today In Black Market

Buying => 1 Dollar to Naira = N418

Selling => 1 Dollar to Naira =N422

Dollar to Naira exchange rate in Nigerian black Market and Banks

Nigerian Banks Exchange Rates

Access Bank Exchange Rate

  1. Access Bank dollar Exchange Rate – 315 Naira to 1 USD
  2. AccessBank Canadian dollar exchange rate – 250 Naira to 1 CAD
  3. British Pounds Bank Rate – 408 Naira to 1 GBP
  4. Access Bank Euro Rate – 355 EUR
  5. – Access bank Indian rupees – 5.02 Naira to 1 INR

First Bank of Nigeria PLC

  1. First bank Nigeria dollar exchange rate – 316 Naira to 1 USD
  2. Firstbank Nigeria CAD exchange rate – 239 Naira to 1 USD

GTBank Exchange Rate

  1. GTbank dollar exchange rate – 320 Naira to 1 USD
  2. Pounds exchange rate – 406 Naira to 1 gbp
  3. GTbank Euro exchange rate – 353 naira to 1 EUR
  4. GTbank CAD exchange rate – 245 Naira to 1 CAD
  5.  Ugx exchange rate – 10.8 Naira to Ugx
  6. GTB MYR – 73 Naira to 1 MYR
  7. GTB Ghana Cedis – – Naira to 1 GHS
  8.  Russian Ruble – 5.4 Naira to 1 RUB
  9. GTB Indian Rupee – 5.09 Naira to 1 INR

Stanbic IBTC Bank Exchange Rate

  1. Stanbic IBTC bank Dollar exchange rate – 450 Naira to 1 USD
  2. Indian Rupee 5.9 Naira to 1 INR
  3. Zar – 34 Naira to 1 ZAR
  4. Standard Chartered Dollar exchange rate – 406- Naira to 1 USD

Skye Bank Exchange Rate

  • Skye bank dollar exchange rate — 320 Naira – 1 USD

United Bank of Africa (UBA) Exchange Rate

  1. UBA bank Pounds exchange rate – 393 Naira to 1 GBP
  2. UBA bank dollar to naira exchange rate – 320 Naira to 1 USD

Dollar to Naira exchange rate in Nigerian black Market and Banks

Factors affecting Nigeria exchange rate

Supply and Demand

A lot of times, exchange rates are simply based on the supply and demand of a country’s currency. When investors or governments are trying to sell off a country’s currency, it increases the supply of that currency.

Inflation

When a country has a high inflation rate, the value of its money decreases. The same amount of money doesn’t go quite as far the next year. Nigeria tends to have a high inflation rate, which can depress the value of the naira. However, that might work in your favor if you’re sending another currency to Nigeria.

High Government Debt

A government that has a high amount of debt is not spending as much of its money investing in other countries. These other countries might start pulling their money out of the high-debt country, creating a greater supply of the country’s currency. This decreases the value of the currency.

Speculation

Speculation by investors can definitely play a role in the exchange rates. If an investor believes that Nigeria’s currency is undervalued, he might start buying naira in the hopes that he’ll be able to sell it soon at a higher rate. When multiple investors start doing the same thing, the value goes up, but there will come a point when those investors start trying to sell, and the tide shifts. This type of speculation causes exchange rates to go up and down.

Method of Money Transfer

As an expat living abroad, though, you mostly care about the exchange rates you get when you’re transferring money. In this case, the way that you transfer money can have a big effect on the exchange rate. Each money transfer service uses an exchange rate that’s slightly higher than the mid-market rate you see when you look up rates on Google. That difference in rate is pure profit for the company. This means that it’s a good idea for consumers to shop around. In general, you’ll get better rates from online money transfer services than through traditional banks

Dollar to Naira exchange rate in Nigerian black Market and Banks

Causes of fluctuating exchange rate in Nigeria

The official exchange rate for the country’s currency, the naira, is around 305 to the dollar. But banks lend to each other at a second rate. A third rate is used by international money transfer companies. Perhaps the most important rate is the one found on the black market (currently 380). The result is currency confusion: The central bank even maintains separate rates for religious pilgrims who need dollars for trips to Mecca, Rome or Jerusalem.

Oil money

Collapsing oil prices have heaped pressure on the naira. The country’s central bank maintained a peg of roughly 200 against the dollar until June of last year. But then, as dollar reserves ran dry, the government changed tack and devalued the currency. The naira immediately plunged 30%. Since then, the central bank has intervened to keep the currency’s official rate from depreciating further.

Dollar shortage

Nigeria is suffering from a major shortage of dollars. Why are dollars needed? Nigeria exports plenty of oil, but it relies on shipments from abroad to source basic household items and food. Nigerian importers need to pay these foreign companies in their home currencies. But dollars and euros are in short supply. That’s because anyone with foreign currency is trying to hold onto it — a bet that rates will improve in the future. Most everyone else is forced to rely on the black market.

Reserves spent

Crude sales account for up to 70% of government revenue and more than 90% of the country’s export earnings.

Oil is also the source of most of the country’s foreign exchange reserves.

Before the crash in oil prices, Nigeria had nearly $43 billion in reserves. By June 2016, efforts by the central bank to support the naira had pushed the figure below $27 billion.

floating

Economists say the situation won’t be entirely remedied until the government removes currency controls and truly allows the naira to trade freely. The International Monetary Fund, in its latest report on Nigeria, recommended the government “remove the remaining restrictions and multiple currency practices, thus unifying the foreign exchange market and helping regain investor confidence.”

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Omotimehin Nelson is the chief editor of mystatenews.com as well the chairman of Nestec group that powered the news media mystatenews.com. He studied computer science in Yaba college of Technology. He is a passionate blogger and SEO expert