Nigeria Currency Exchange Rates Today: 12 October 2023 Insights

Nigeria Currency Exchange Rates Today: 12 October 2023 Insights

The foreign exchange market—the largest financial market in the world—remains a critical barometer of economic health. At the center of this massive market, currency exchange rates play a crucial role in shaping the fortunes of economies and, consequently, people’s lives. The significance of keeping oneself updated with these rates cannot be overstressed. This article therefore provides an up-to-date analysis of the currency exchange rates in Nigeria as of today, 12 October 2023.

In the subsequent sections, this article will provide the current exchange rates of the Nigerian Naira against key world currencies such as the US Dollar, British Pound, Euro, and others. Readers would be enlightened on how these rates have moved both in the short and long term, and what factors could have led to these changes. 

Get the official naira black market exchange rate including the Black Market rates, Bureau De Change (BDC) and CBN rates. These rates may fluctuate hourly due to market supply and demand for dollars. 

On this page, check out the latest rate for dollar to Naira, alongside pound to naira, euro to naira, Canadian dollar to naira, and Ghanaian Cedi to naira rates. 

Currency exchange rates in Nigeria today

Today’s Dollar to Naira black market rate: This is the rate at Aboki/Bureau De Change (BDC) is selling and buying The European currency (Euro) currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

Dollar to Naira Black Market

Pounds to Naira Black Market

Today’s Pounds to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Great British Pounds currency (Pounds) is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

Euro to Naira Black Market

Today’s Euro to Naira black market rate: This is the rate at Aboki/Bureau De Change (BDC) is currently selling and buying The European currency (Euro) in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

CAD to Naira Black Market – Canadian dollar to naira

Today’s CAD to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Canadian Dollar currency (CAD) currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

Rand to Naira

Today’s Rand to Naira black market rate is the rate Aboki/Bureau De Change (BDC) is selling and buying. The Rand is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

Ghanaian Cedi to Naira

Today’s Ghanaian Cedis to Naira black market rate is the rate Aboki/Bureau De Change (BDC) is selling and buying. The Ghanaian Cedis is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

CBN Official Naira Exchange Rates

The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar-to-naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

Disclaimer: WOTHAPPEN NIGERIA doesn’t determine forex rates. Official NAFEX rates are from the FMDQOTC website. Black market rates are from various sources. The rates you deal with may differ from this report.