CBN Official Naira to Dollar exchange rate today August 1, 2023

The Central Bank of Nigeria (CBN) publishes the daily exchange rate of the Nigerian naira to the US dollar. This information is crucial for businesses and individuals who need to convert between the two currencies.

This means that if you want to buy 1 US dollar, you will need to pay 760.40 naira. And for those  who want to sell 1 US dollar, you will receive 761.40 naira.

The exchange rate can fluctuate from day to day, so it is important to check the CBN website for the latest rates before making any transactions.

“Monday’s Trading: Linkage Insurance Leads Gainers, Dangote Sugar Tops Losers in Nigerian Stock Market”

In the dynamic and ever-changing landscape of the Nigerian stock market, Monday’s trading session witnessed significant shifts in the fortunes of various companies. Leading the charge in the gainers’ camp was Linkage Insurance, with an impressive 10% surge in share value, soaring from N0.70 kobo to N0.77 kobo per share. However, not all companies experienced such positive momentum, as Dangote Sugar took the spotlight on the losers’ table, witnessing a decline from N30 to N27 per share.

The overall market performance displayed mixed signals, with the Nigerian bourse closing at a market capitalization of N35.01 trillion, reflecting a loss of N391.19 billion compared to Friday’s valuation of N35.63 trillion. This decline was mirrored in the All-Share Index, which slumped to 64,337.52 ASI from 65,056.39 ASI, a substantial drop of 718.87 basis points.

Trading data indicated contrasting volumes and values of shares exchanged on Monday, where over 673.42 million shares, valued at N6.47 billion, changed hands in 9,788 deals. In contrast, the preceding Friday witnessed 459.77 million shares traded in 8,051 deals, amounting to N5.34 billion.

Delving into individual movers and shakers within the market, several companies stood out amidst the trading fray. Besides Linkage Insurance’s stellar performance, Sunu Assurance gained 10%, reaching a closing price of N0.66 kobo, surpassing its opening price of N0.60 per share. Beta Glass also saw a notable uptick in its share price, surging by N3.50 kobo, from N35 to N38.50 kobo per share. Mansard was not to be left behind, witnessing a rise of N0.34 kobo, appreciating from N3.40 kobo to N3.74 kobo per share. Rounding off the top five gainers was Berger, with its share value increasing by N1, closing trading at N11.05 from N10.05 per share.

On the flip side, Dangote Sugar’s slide overshadowed the day’s performance, as it shed N3 per share, falling from N30 to N27 per share. Livestock also suffered a drop, losing N0.21 kobo to end trading at N1.89 kobo from N2.10 kobo per share. Caverton experienced a similar fate, witnessing a decrease of N0.13 kobo, with its shares ending the day’s trading at N1.17 kobo from N1.30 kobo per share. NPF Microfinance likewise witnessed a downward trend, with its shares dropping from N2 to N1.80 kobo per share after losing N0.20 kobo during the trading session. Sovereign Insurance also experienced a considerable setback, losing 10% and dropping from N0.70 kobo to N0.63 kobo per share.

The day’s trading was characterized by active participation from various entities. Abbey took the lead in terms of shares traded, with a staggering volume of 112.25 million shares, valued at N112.27 million. Fidelity Bank followed closely, transacting 58.58 million shares worth N503.70 million. UBN also saw significant activity, with 51.07 million shares traded, valued at N357.55 million. Meanwhile, FCMB traded 49.36 million shares, amounting to N323.67 million, and Universal Insurance secured its position in the trading arena, selling 47.50 million shares valued at N11.23 million.

As the Nigerian stock market continues to exhibit its characteristic volatility, investors and market enthusiasts remain keenly attentive to the unfolding trends and performances of individual companies. With each trading session bringing new challenges and opportunities, the financial landscape is a captivating arena that demands a sharp eye and careful analysis.

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Here are some of the factors that can affect the CBN exchange rate between the Nigerian naira and the US dollar:

• Demand and supply: If there is more demand for the US dollar than there is supply, the exchange rate will go up. Conversely, if there is more supply of the US dollar than there is demand, the exchange rate will go down.
• Economic factors: The state of the Nigerian economy and the US economy can also affect the exchange rate. For example, if the Nigerian economy is doing well, the naira will be more valuable. Conversely, if the Nigerian economy is doing poorly, the naira will be less valuable.
• Political factors: Political instability in Nigeria or the US can also affect the exchange rate. For example, if there is a coup in Nigeria, the naira will likely lose value.

If you are planning to travel to Nigeria or the US, it is important to factor in the exchange rate when budgeting for your trip. You can use a currency converter to get an estimate of how much your money will be worth in the other currency.

You can also check the CBN website for the latest exchange rates. The website also has a currency converter that you can use.