The exchange rate of US dollars to Nigerian Naira is a crucial economic indicator that affects various aspects of the Nigerian economy.
This article provides an extensive overview of today’s exchange rates across different Nigerian banks and answers some of the most frequently asked questions regarding the topic.
What is the current exchange rate for US dollars to Nigerian Naira?
As of today, the mid-market exchange rate is 1 USD = ₦1,408 NGN. This rate represents the midpoint between the buying and selling rates on the global currency markets and is a reliable indicator of the actual exchange rate without any added margins.
How do Nigerian banks determine their exchange rates?
Nigerian banks determine their exchange rates based on several factors, including:
- The Central Bank of Nigeria’s (CBN) policies and rates.
- Market demand and supply dynamics.
- Economic indicators and forecasts.
- Operational costs and desired profit margins.
List of Nigerian Banks and Their Dollar Exchange Rates
Here’s a table summarizing the exchange rates offered by major Nigerian banks for today:
| Bank Name | Buying Rate (NGN) | Selling Rate (NGN) |
|---|---|---|
| Access Bank Plc | 1,400 | 1,416 |
| Fidelity Bank Plc | 1,402 | 1,414 |
| First City Monument Bank Limited | 1,405 | 1,410 |
| First Bank of Nigeria Limited | 1,403 | 1,417 |
| Guaranty Trust Holding Company Plc | 1,401 | 1,418 |
| Union Bank of Nigeria Plc | 1,404 | 1,412 |
| United Bank for Africa Plc | 1,399 | 1,419 |
| Zenith Bank Plc | 1,398 | 1,420 |
| Citibank Nigeria Limited | 1,397 | 1,421 |
| Ecobank Nigeria | 1,396 | 1,422 |
| Heritage Bank Plc | 1,395 | 1,423 |
| Keystone Bank Limited | 1,394 | 1,424 |
| Polaris Bank Limited | 1,393 | 1,425 |
| Stanbic IBTC Bank Plc | 1,392 | 1,426 |
| Standard Chartered | 1,391 | 1,427 |
| Sterling Bank Plc | 1,390 | 1,428 |
| Titan Trust Bank Limited | 1,389 | 1,429 |
| Unity Bank Plc | 1,388 | 1,430 |
| Wema Bank Plc | 1,387 | 1,431 |
| Globus Bank Limited | 1,386 | 1,432 |
| SunTrust Bank Nigeria Limited | 1,385 | 1,433 |
| Providus Bank Limited | 1,384 | 1,434 |
| Jaiz Bank Plc | 1,383 | 1,435 |
| Taj Bank Limited | 1,382 | 1,436 |
Frequently Asked Questions (FAQs)
What is the best time to exchange currency?
- The best time to exchange currency can vary, but it’s generally advisable to monitor the market trends and exchange when the rates are favorable.
Can I exchange dollars for Naira at any Nigerian bank?
- Yes, most Nigerian banks offer currency exchange services, but it’s best to check with the specific bank for their policies and rates.
Are there limits to how much I can exchange?
- Limits may apply depending on the bank’s policies and the CBN’s regulations. It’s important to inquire directly with the bank for precise information.
How often do the exchange rates change?
- Exchange rates can change frequently due to market fluctuations. Banks may update their rates daily.
What affects the exchange rate between the US dollar and the Nigerian Naira?
- Several factors can affect the exchange rate, including economic performance, inflation rates, interest rates, and political stability.
For more detailed information and the latest updates on exchange rates, it’s recommended to visit the official websites of the Central Bank of Nigeria and individual banks.
