This is the dollar to Naira exchange rate for today Wednesday 27 October, 2021.
Daily we update our visitors with the dollar to Naira exchange rates; in view of how it is being traded in the official market and black market.
Dollar to Naira official exchange rate for today Wednesday October 27, 2021.
Data at the FMDQ Security Exchange where forex is officially traded, shows that the dollar to naira official exchange rate for today 27 october, 2021 started at 1 dollar equals to ₦414.04 naira, after it closed at ₦415.07 naira to a 1 dollar on Monday 25 October, 2021.
Also rates in CBN and other banks are as follows:
- CBN – 1$ = ₦410.37.
- First bank – 1$ = ₦460.00.
- GTBank – 1$ = ₦460.00.
- Access bank – 1$ = ₦412.03.
- Moneygram – 1$ = ₦410.50.
Dollar to Naira black market exchange rate for today Wednesday October 27, 2021.
Sources at theBureau De Change (BDC), in the Black Market also called the parallel market, the exchange rate for a dollar to naira for today, Wednesday, October 27 – a dollar is bought at ₦565.00 and sold for ₦570.
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Elements that has been causing the deterioration of Naira against dollar.
Throughout the long term, the Nigerian naira has experienced genuine deterioration against the U.S. dollar. As of now, one U.S. dollar is worth a lot more than 400 Naira.
There are many factors that have affected the devaluation of Naira against the U.S. dollar; and below are some of those factors:
The relentless expanding costs of items and administrations has made the naira to keep deteriorating.
Foreign made goods in most occasions tend to be costly than the imported ones.
This is the reason why individuals will in general lean towards disparaging the imported ones; this has influenced the worth of the Nigerian naira adversely.
Over-reliance on Crude Oil
While raw petroleum has carried favorable luck to Nigeria; it has likewise been the primary justification for why the Nigerian money has kept on losing it esteem.
Consequently oil represents around 85% of Nigeria’s commodity income.
Oil is estimated in dollars from one side of the planet to the other; this has made the United States dollar to stay a central participant in the Nigeria economy at the hindrance of the naira.
Insecurity is one of the serious issues that has influenced the Nigerian economy contrarily.
Numerous investors are not prepared to additionally put resources into the Nigerian economy due to insecurity.
Corruption has eaten profound into the economy of the country; a few lawmakers have washed monies and put them in properties abroad.
Billions of Naira has been delivered out which has additionally increment surge of money in the country; this continually debilitates the naira.
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