Black market exchange rate of Dollar to Naira for October, 2017

Are you searching for the dollar vs naira exchange rate in this month? Kindly check our page to get all the information you need.

Meanwhile, if you need to know how the dollar was exchanged in the Nigeria black market during the month of October, 2017, then continue reading.

The dollar to naira black market rates stated below are updated not later than the close of every working day.

However, forex market consumers should expect current black market exchange rates in Nigeria as from 12:00pm mid-day.

United State Dollar Exchange Rate – USD Rate to Nigeria Naira Exchange Rate – NGN rate in black market:

Here are the current black market dollar to naira exchange rate for October, 2017

Date: (Usd/Ngn) BUY / SELL
Kindly note that exchange rates will only be updated below when there are changes. The last updated rate is still the rate prevalent in the forex market.

31/10/2017: 360/ 363
30/10/2017: 360/ 363

27/10/2017: 360/ 363
26/10/2017: 360/ 363
25/10/2017: 360/ 363
24/10/2017: 360/ 363
23/10/2017: 360/ 363
Oct 20, 2017: 360/ 363
Oct 19, 2017: 359/ 363
Oct 18, 2017: 360, 363
Oct 17, 2017: 360/ 363
Oct 16, 2017: 360/ 363
October 13, 2017: 358/ 362
October 12, 2017: 358/ 362
October 11, 2017: 358/ 362
October 10, 2017: 358/ 362
October 09, 2017: 358/ 362
October 06, 2017: 359/ 363
October 05, 2017: 359/ 363
October 04, 2017: 359/ 363
October 03, 2017: 361/ 364

The naira is expected to remain stable across its multiple exchange rates as the currency hit a resistance level for investors and the Central Bank of Nigeria continues to intervene on the official market.

According to Reuters, the local unit has hit resistance at 360/dollar for investors as banks are not willing to bid the United States currency below that level and as foreign investors continue to buy bonds at attractive yields, boosting dollar liquidity.

On Monday October 23, 2017, the central bank said it had sold $195 million to lenders as part of its regular dollar sales to boost forex liquidity and keep the currency stable, but the move was contributing to a naira shortage, traders said.

The Federal Government sold bonds at an auction on Wednesday 25, October 2017 while the CBN was offering treasury securities on Thursday to draw foreign inflows.

The naira has traded flat on the parallel market at around 363, mirroring rates for investors.

Meanwhile, the PUNCH reports that
the Central Bank of Nigeria has injected $285.7m into the Inter-Bank Foreign Exchange Market to meet requests in four sectors of the economy.

Details obtained from the CBN indicated that firms in the agricultural, airline, petroleum and raw materials space received various sums of forex allocation based on requests put forward by their respective banks.

The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the releases underlined the high level of transparency at the bank in forex management.

In a similar way, the nation’s external reserves have hit $34bn from $33.6bn attained on October 25, the Central Bank of Nigeria has stated.

The Deputy Governor, Financial System Stability, CBN, Dr. Joseph Nnanna, who disclosed the latest figure in Lagos on Saturday, said the exchange rate stability achieved so far by the apex bank had come to stay

The Nigerian naira is the currency of Nigeria. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation. In 1973, the naira was replaced by the pound at a rate of 2 naira = 1 pound.

Imagine: your plane finally touches down after a ten hour, cross-continental journey, you wind your way through customs and immigration showing proof you’ve paid the reciprocity fee , and you finally step onto Nigerian soil at Lagos or Abuja International Airport.

While your initial instinct may be to exchange all of your dollars or euros right then and there, your money will go a lot (and we mean A LOT!) further if you don’t.

What currency should I bring to Nigeria?

When traveling to Nigeria, bring cash, especially US dollars . It is most cost effective to bring all the money you think you will spend on your trip in US Dollars cash (if possible mainly 50 & 100 dollar bills, as lower dollar bills have different exchange rates in Nigeria).

That might sound a little different to the advice you get in general for traveling, but read this article and you could have a better (or at least, cheaper) trip.

How to get the best rate for your dollars in Nigeria?

Don’t buy more Naira than you need
Be careful to only exchange or take out the amount of money that you definitely think you will spend, and keep some dollars on hand to use later on.

Try to always plan your schedules ahead of time and be sure to note down every possible expenses you intend to make. To save your hard earned money against the unfavourable black market exchange rate in Nigeria, you just have to be meticulous.

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