Dollar to Naira 26 October 2023 Rates (Black Market & CBN Official Market)
Dollar To Naira Today Exchange Rate News, 26 October 2023 both CBN Official Market Rates and abokifx Black Market Rates.
Check the US Dollar to Nigerian Naira exchange rates for October 26, 2023, here. We list both official and black market rates, which change frequently due to ongoing trading. For the most current info, revisit this page often
Dollars to Naira Today Black Market 26/10/2023
| Dollar ($) | Buying (₦) | Selling (₦) |
| 1 USD | 1290 | 1300 |
| 2 USD | 2580 | 2600 |
| 5 USD | 6450 | 6500 |
| 10 USD | 12900 | 13000 |
| 15 USD | 19350 | 19500 |
| 20 USD | 25800 | 26000 |
| 25 USD | 32250 | 32500 |
| 50 USD | 64500 | 65000 |
| 100 USD | 129000 | 130000 |
| 500 USD | 645000 | 650000 |
| 1000 USD | 1290000 | 1300000 |
| 2500 USD | 3225000 | 3250000 |
| 5000 USD | 6450000 | 6500000 |
| 10000 USD | 12900000 | 13000000 |
CBN Official Dollars to Naira Today 26/10/2023
| Dollar ($) | Buying (₦) | Selling (₦) |
| 1 USD | 802.21 | 803.21 |
| 2 USD | 1604.42 | 1606.42 |
| 5 USD | 4011.05 | 4016.05 |
| 10 USD | 8022.1 | 8032.1 |
| 15 USD | 12033.15 | 12048.15 |
| 20 USD | 16044.2 | 16064.2 |
| 25 USD | 20055.25 | 20080.25 |
| 50 USD | 40110.5 | 40160.5 |
| 100 USD | 80221 | 80321 |
| 500 USD | 401105 | 401605 |
| 1000 USD | 802210 | 803210 |
| 2500 USD | 2005525 | 2008025 |
| 5000 USD | 4011050 | 4016050 |
| 10000 USD | 8022100 | 8032100 |
Dollar to Naira Rates News
Naira Drops to Record Low Amid High Dollar Demand
The Nigerian Naira plummeted to an all-time low against the US dollar on Tuesday due to intensified demand. On the black market, it traded at N1,310 per dollar, marking a 6.07% decrease from the prior rate of N1,235.
In comparison, the Naira had appreciated by 1.85% in the Nigerian Autonomous Foreign Exchange Market (NAFEM) just the day before. Despite Finance Minister Wale Edun’s announcement of an expected $10 billion foreign currency inflow in the upcoming weeks, the Naira continued its decline. In NAFEM, the dollar rate slid to N847.77 from its earlier rates of N793.34 and N808.27.
In the parallel market, rates varied with buyers offering up to N900 per dollar and sellers as low as N700 per dollar. Official data revealed an 8.03% jump in daily FX market activity, totaling $88.10 million.
Experts suggest the anticipated $10 billion might stabilize the Naira in the short term. Foreign exchange reserves have slightly increased, standing at $33.28 billion as of October 23, 2023. The Central Bank has also planned a Primary Market Auction to roll over NT-bills valued at N108.13 billion due to economic stability concerns.
On a broader scale, Nigeria’s treasury bills and Open Market Operation bills experienced minor yield fluctuations.
The Naira’s Decline: A Historical Perspective
A recent report labeled the Naira as Africa’s most devalued currency, with its rate of N1,235 to the dollar seemingly confirming this. It’s a stark contrast to past times when the Naira was recognized as a valid exchange medium in global financial hubs like London.
Historically, Nigeria’s economy thrived, attracting genuine investors. Industries sourced raw materials from local crops like cocoa, palm oil, and groundnut, boosting the economy and Naira’s strength.
However, inconsistent policies and an overreliance on oil revenues led to a neglect of the agricultural sector and its dependent industries. This made Nigeria more susceptible to foreign currency dominance, especially during periods of heightened demand for imported goods and services.
The rise of the black market further weakened the Naira. Instead of being a shady outlet, it has become the standard for valuing the Naira in Nigeria. Moreover, the practice of obtaining foreign currencies at official rates and then selling them at higher black market rates persists.
This has had a detrimental impact on Nigeria’s economy, driving up living costs and burdening businesses.
To mitigate this, the nation needs a shift in priorities. Reducing reliance on oil, emphasizing sectors like agriculture, tourism, and minerals, and focusing on local raw material sourcing and export production are imperative.
Lastly, a call to action: Nigeria must reduce its import dependency and prioritize sectors that promote local materials and export production. It’s crucial to rejuvenate the Naira’s value and prestige, and this requires political determination.
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