Dollar to Naira Exchange Rate Today – CBN Bank, Western Union, GTBank, Official Rates and at the Black Market
How much is US Dollar to Naira in black market and bank today? Do you know it is easy to get a daily update of how much is dollar to naira exchange rate today at CBN rates and in the black market (Aboki fx rate) for NOVEMBER 2017.
It is not news to anyone that the Dollar and Naira have been in a tug of war as to what the value of one is with respect to the other. The dollar was winning largely at some point, but thanks to effective policies that were enunciated by the CBN that saved the face of the naira. Recently the dollar’s decline in value is even becoming a source of concern to the US government.
Just last week, the Central bank had made up to $831 million funds available in view of loosening up foreign exchange belts. In fact, two days ago, the CBN made a $240 million payment to the Retail Secondary Market Intervention Sales for certain spot deals.
This action demonstrates the continued spirit of determination with which the financial giant is striving to stabilize the economy and return it to its position as Africa’s number one.
Currently, the Dollar to Naira exchange rate has been following the trend in the parallel market:
20/11/2017 363 366
21/11/2017 *** ***
22/11/2017 *** ***
The market closed with the exchange rate pegged at N363 to $1 as at Friday. One is therefore quick to observe that the Naira has maintained a steady stance in the past few weeks. In spite of the developments, there are wild expectations of further improvements in the exchange rates as the government is already making preparations for disbursing budget funds to various agencies in a couple days.
Most currency traders have maintained a positive anticipation and are so optimistic about the future of the money market as far as the naira and the dollar are concerned, especially now that our distributable revenues have risen to N462 billion which was a 10.09% increase.
By on Wednesday, after the two days of Eid-el-Fitr celebration on Monday and Tuesday, markets would be opened again; and we are expecting further adjustments in the current position of the naira. Most likely the adjustments would be for the better.
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Some Factors Playing big in the Game of Current Exchange Rates Are
However, what the impact may be from the influence of the CBN’s actions towards fueling the Forex market in favor of the naira, there are several factors worth noting that are bending and shaping the exchange rates.
Some of these factors are obvious while some work behind the scenes of everyday economic affairs. The following factors play some part in the fluctuation of the naira against the dollar that is slowly coming under control.
Enunciated Policies—With the efforts made by the CBN this year to bring hap-hazard fluctuations of the naira to a standstill, we have a lot of hopes to bank on as per the naira’s future.
The formulation of policies that reduce the demand of the dollar as much as the supply of the dollar is strengthened, there is gross influence this has on the foreign exchange of the day. It was the consistent influx of huge amount of the dollars by the CBN that has culminated in putting the exchange at N365 that is stands at currently.
Strategies like those adopted in the UAE that encourage the availability of market free zones also have their own ways of attracting foreign businesses and subsequently getting much of their currencies in circulation, and then what results?
An increase in value of the naira against such currencies, which can in this case be the dollar. These are where policies come into the money market. There are other policies that had shaped our naira that we might not exhaust in this article.
High Importation of foreign goods—The more we patronize foreign products, the less likely we are for our currency to retain a high value compared to those of the countries we do business with. It’s an indirect variation, increased imports lead to decreased value. This is obvious because the more the importations, the more the demand for other currencies in order to sustain the importation.
Any economist knows that an increased demand is very likely to lead to increase in value in whatever is being demanded. Thus we lose some value in our naira as a result of extravagant importations. But fortunately, the Nigerian government is recently making efforts that mar excessive imports by imposing stricter tariffs.
While this does not currently favor most entrepreneurs, one is positive that in the nearest future Nigeria, just like China, would finally be proud and satisfied with her products.
Reduced Value in the Items We Export—The commodities we have in abundance, courtesy of mother nature, are our one hope in the quest to stabilize our naira. But what happens when it does not seem to have any value? We become hopeless.
We actually suffered this situation last year and early this year. But so far recently, some stability has been restored, and we are looking brightly onto what the coming month would bring with it.
We can remain in positive hopes that with the current trends and better policies to come, we would have a reason in the nearest future to say ‘Nigeria is great again!’ For now, we can hardly do more than wait for on Wednesday to unveil the new exchange rates.
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The truth is getting the Naira value restored will take quite some time. We are currently a consumer economy with a very low net export that can facilitate forex generation. Pumping dollars into the forex market will only do little such as discouraging dollar hoarders. To get the Naira exchange rate strong again, we need to go back to the drawing board and ask ourselves, how did these all started?
Do you know the current parallel market exchange rate of 1 Nigeria NGN to US $?
CBN/Official Exchange Rate of Dollar to Naira Today
Buy = N305.85
Western Union Dollar to Naira Exchange Rate Today
MoneyGram Dollar to Naira Exchange Rate Today Black Market
Dollar to Naira Bank Rate for GTBank and Other Banks Today
Rate = N367.00
Quick and precise, what is the current CBN naira to dollar official exchange rate for today? And what are the reasons for the fluctuations the Forex market witness on a daily basis? How does this instability affect the common man on the street? Follow our updates here.