Dollar to Naira Exchange Rates on October 31, 2023
Monday 30 October 2023
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On October 31, 2023, the unofficial market for exchanging Nigerian Naira to US Dollars was active. According to reports from Bureau De Change (BDC), the exchange rate was N1170 for buying and N1180 for selling one US Dollar. This unofficial market operates separately from the Central Bank of Nigeria (CBN) and influences exchange rates.
What You Need to Know
The unofficial market, often called the black market or parallel market, is where people trade foreign currencies independently. The rates in this market depend on various factors, like supply and demand, inflation, and global events. CONTINUE READING......
How It Compares to Official Rates
These unofficial rates are consistently higher than the rates set by the CBN. The CBN manages the official foreign exchange market and sets rates for the Naira against major currencies like the US Dollar. But the demand for foreign exchange is often more than what the CBN can provide, leading to the existence of the black market.
Another Crucial Aspect
In addition to these exchange rate dynamics, it's essential to consider the impact of the black market on the availability of essential goods and services in Nigeria. The exchange rates in this market can influence the cost of imported goods and directly affect the purchasing power of consumers. This, in turn, has implications for the daily lives of the Nigerian people and their access to necessities. CONTINUE READING........
In Summary
As of October 31, 2023, the black market exchange rate for the US Dollar to the Nigerian Naira was N1170 for buying and N1180 for selling. Keep in mind that these rates can change due to various factors. While the black market can help with foreign exchange, it's important to be cautious when dealing in this unofficial market. Following the CBN's guidelines and using official channels for foreign exchange transactions is a safer choice for transparency and financial stability.
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