How Much is a Dollar to Naira? You may have pondered on this question to know the exchange rate of a dollar to naira. Whether it is the black market rate or the CBN rate, we have got you covered.
Dollar to Naira (Bank Rate)
At the CBN rate, 1 dollar exchanges for naira at a 763 naira buying rate and 764 naira at a selling rate.
Dollar to Naira (Black Market Rate)
In the black market, a dollar exchanges for naira at 1002 naira buying rate and 1008 naira selling rate.
Factors that Influence the Dollar to Naira Rate
1. Interest Rate: When the interest rate of a country is high, it attracts foreign investors and this thereby increases the demand for its currency.
2. Inflation Rate: When there are differences in the inflation rate of the naira and the dollar, these can affect the values.