On the 15th of October 2023, the black market exchange rates for various international currencies to the Nigerian Naira continue to be a topic of interest. These rates, as tracked by Aboki FX, provide a glimpse of the parallel market’s dynamics, which operate outside the official exchange rates set by the Central Bank of Nigeria (CBN). Here’s a summary of the latest rates:
Dollar to Naira Rate:
- Buying Rate: 1040 Naira
- Selling Rate: 1050 Naira
Pound to Naira Rate:
- Buying Rate: 1050 Naira
- Selling Rate: 1075 Naira
Euro to Naira Rate:
- Buying Rate: 1075 Naira
- Selling Rate: 1090 Naira
Canadian Dollar to Naira Rate:
- Buying Rate: 780 Naira
- Selling Rate: 810 Naira
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South African Rand to Naira Rate:
- Buying Rate: 50 Naira
- Selling Rate: 60 Naira
UAE Dirham to Naira Rate:
- Buying Rate: 250 Naira
- Selling Rate: 265 Naira
Chinese Yuan to Naira Rate:
- Buying Rate: 110 Naira
- Selling Rate: 125 Naira
Ghanaian Cedi to Naira Rate:
- Buying Rate: 75 Naira
- Selling Rate: 85 Naira
West African CFA Franc to Naira Rate:
- Buying Rate: 1480 Naira
- Selling Rate: 1520 Naira
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Central African CFA Franc to Naira Rate:
- Buying Rate: 1395 Naira
- Selling Rate: 1430 Naira
Australian Dollar (Aussie) to Naira Rate:
- Buying Rate: 570 Naira
- Selling Rate: 600 Naira
While these rates offer a snapshot of the currency exchange market’s current state, it’s essential to remember that these values may vary slightly depending on specific locations and market conditions. The black market operates independently from the official CBN rates and policies.
The Central Bank of Nigeria has consistently emphasized its non-recognition of the black market, advising individuals and businesses to engage with the official banking system for foreign exchange transactions. By doing so, they can access regulated and more predictable foreign exchange services.
In conclusion, as of October 15, 2023, the black market rates for various international currencies to the Naira indicate a certain level of stability and predictability, which is crucial for individuals and businesses involved in foreign exchange transactions. However, it is vital to adhere to CBN guidelines and seek foreign exchange services through authorized banks for a more secure and regulated experience.
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Central Bank of Nigeria (CBN) Official Exchange Rates for 15 October 2023
In line with its commitment to maintaining stability in the Nigerian foreign exchange market, the Central Bank of Nigeria (CBN) has released its official exchange rates for October 15, 2023. These rates provide a benchmark for currency exchange transactions in the country. Here are the CBN’s official exchange rates:
CBN Dollar to Naira Rate:
- 1 USD = 765.93 Naira
CBN Pound to Naira Rate:
- 1 GBP = 931.14 Naira
CBN Euro to Naira Rate:
- 1 EUR = 805.14 Naira
The CBN’s exchange rates represent the official values set by the central authority and are meant to guide financial institutions, businesses, and individuals in their foreign exchange transactions. These rates are typically more stable and less subject to fluctuations than the rates found in the parallel or black market.
The CBN’s commitment to providing these official rates helps promote transparency and economic stability within the Nigerian currency exchange market. By adhering to these rates, businesses and individuals can engage in foreign exchange transactions with a greater level of predictability.
It’s important to note that the rates provided here are specific to October 15, 2023, and may be updated periodically by the CBN to reflect changing market conditions. Therefore, those engaging in currency exchange activities should regularly check with the CBN for the most current and accurate exchange rates.
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