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.
As of Monday, August 14, 2023, the latest data from the Central Bank of Nigeria (CBN), the Official exchange rate of dollar to naira CBN rate today is as follows:.
CBN Official naira to dollar rate today
- Buying rate: 773.25 naira per US dollar
- Selling rate: 774.25 naira per US dollar
The CBN Official naira to dollar, effective as of today, play a significant role in facilitating financial transactions and conversions between the Nigerian naira and the US dollar. It is important to note that exchange rates may fluctuate in response to market conditions and other factors.
CBN Official dollar to Naira yesterday
The CBN Exchange Rate for Naira to Dollar closed yesterday at 772.17
Important Notice: The Investors & Exporters FX window ( I&E FX Window) is now the CBN Official Naira to Dollar exchange rate.
CBN Exchange Rate for Naira to Dollar explainer
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 N774.25. Conversely, if you wish to sell your dollar at the I & E window, 1 US dollar will yield you N773.25.”
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.
Central Bank of Nigeria Releases Consolidated Financial Statements After Years of Default
Following years of default, the Central Bank of Nigeria (CBN) has unveiled its Consolidated Financial Statements for a span of seven years, marking the first instance of such disclosure since 2015.
These Consolidated Financial Statements, made public on the CBN’s official website, encompass the financial periods of 2016 through 2022.
Furthermore, the CBN reported a profit after tax of N114.8 billion in 2022, which marks an increase from the N75.14 billion reported in the preceding year.
The bank also acknowledged its debts to JP Morgan and Goldman Sachs, totaling $7.5 billion as of December 2022, along with an additional $6.3 billion classified as liabilities in foreign currency forwards.
Notably, the apex bank clarified that its indebtedness to Goldman Sachs is $500 million, while its liability to JP Morgan for securities lending stands at $7 billion.
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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.
That is all for now in the Official Naira to Dollar exchange rate today which is all the I & E dollar to naira exchange.
Thanks for reading CBN Official naira to dollar exchange rate today. l hope this cbn exchange rate us dollar to naira post has been helpful. If you have any questions, please feel free to leave a comment below.
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