In the dynamic landscape of international currency exchange, keeping abreast of the latest exchange rates is crucial for businesses, travelers, and anyone involved in foreign transactions. As of October 23, 2023, we provide you with the most up-to-date information on the official CBN Dollar to Naira exchange rate and insights into factors influencing these rates.
Understanding the Exchange Rates
CBN Exchange Rate
The Central Bank of Nigeria (CBN) sets the official exchange rates for currencies, including the USD to NGN (Nigerian Naira) rate. The official rate is essential for various financial activities, such as foreign transactions, trade, and investments.
Black Market Rate
It’s important to note that there exists a parallel market, commonly referred to as the black market, which operates independently of the CBN’s official rates. The CBN does not recognize or endorse the black market rates. Individuals engaged in forex transactions are encouraged to contact their respective banks for guidance and official rates.