Dollar to Naira Bank Rate Today | CBN Exchange Rate September 11, 2023

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

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This means that if you want to buy 1 US dollar at the Central Bank of Nigeria (CBN) or the Importer and Exporter (I & E) Foreign Exchange Windows, you will need to pay N752.10. Conversely, if you wish to sell your dollar at the I & E window, 1 US dollar will yield you N751.10.

What happened to Nigerian naira to US dollar

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.

Meanwhile,    “Nigeria’s Q2 2023 Foreign Exports Reach N7.01 Trillion, Netherlands and USA Among Top Destinations

In the second quarter of 2023, Nigeria’s foreign exports reached N7.01 trillion, as per data released by the National Bureau of Statistics (NBS). The Netherlands and the United States of America (USA) emerged as two of the top five export destinations.

While this figure represents a 5.20% year-on-year decrease compared to the N7.4 trillion recorded in Q2 2022, it’s important to note that on a quarter-on-quarter basis, export trades surged by 8.15%, surpassing the N6.48 trillion reported in the first quarter of 2023.

Export activities accounted for 54.89% of Nigeria’s total foreign trade, which amounted to N12.77 trillion in the second quarter. This resulted in a trade surplus of N1.25 trillion.

On the import side, it constituted 45.10% of the total foreign trade, with a value of N5.76 trillion recorded between April and June 2023.

Taking a broader view of the first half of 2023, Nigeria’s total foreign trade amounted to N24.8 trillion, with imports valued at N11.3 trillion and exports settled at N13.5 trillion, resulting in a trade surplus of N2.2 trillion.

Dollar to Naira Bank Rate Today,CBN Exchange Rate

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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.