CBN Official Naira to Dollar exchange rate today July 24 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 792.80 naira. And for those  who want to sell 1 US dollar, you will receive 793.80 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.

“CBN under probe for withholding excess crude investment.

The House of Representatives has initiated an ad-hoc committee to conduct an investigation into the Central Bank of Nigeria (CBN) regarding its utilization of the excess crude account for investments.

Allegations have surfaced that the CBN deposited $1,829,025.45 as interest on investments in the excess crude account but failed to provide specific details about the investment principal.

Esosa Iyawe, a representative of the Labour Party (LP) from Edo, disclosed that the auditor-general of the Federation had requested comprehensive information on the investments and the utilization of funds from the Petroleum Profit Tax (PPT)/Royalty and Foreign Excess Crude Account. However, the CBN consistently declined to furnish the requested information, as documented in the auditor general’s annual report in 2015.

Based on this refusal, Iyawe, during the plenary, moved the motion for the CBN to be probed, expressing concerns that the lack of transparency is hindering the Federal Government’s efforts to prevent revenue leakage, increase turnover, and combat corruption.

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The House shares Iyawe’s concerns about the CBN’s persistent refusal to disclose details regarding the management of interests accruing from the Petroleum Profit Tax (PPT)/Royalty and Foreign Excess Crude Account. Additionally, reports have emerged about unauthorized and indiscriminate withdrawals from the Excess Crude Account, covering expenditures unrelated to the fund’s intended purpose, such as current year expenses, fuel subsidies, debt financing, and power projects.

The House is also troubled by the 2016 audit report’s revelation of the disappearance of over $9.5 million in interest accrued from the Petroleum Profit Tax (PPT) Investment.

Furthermore, the House expresses deep concerns over the lack of transparency in managing interests on Federal Government investments, raising questions about the adherence to accountability principles and the potential misuse of critical government funds.

In response to these alarming findings, the House has directed the CBN to promptly provide the auditor-general for the federation’s office with comprehensive details of all interests and principal sums related to investments in the excess crude oil/petroleum profits tax/royalty account. Compliance with the required format is essential to facilitate a thorough and transparent investigation.

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.