CBN Official Naira to Dollar exchange rate today August 18, 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.

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 N768.97. Conversely, if you wish to sell your dollar at the I & E window, 1 US dollar will yield you N767.97.”

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 Implements Foreign Exchange Price Verification System to Enhance Market Integrity

In a move aimed at enhancing transparency and integrity in the foreign exchange market, the Central Bank of Nigeria (CBN) has introduced a specialized foreign exchange price verification system, tailored to provide importers with access to forex. The announcement was made by the CBN’s Trade and Exchange Department in a statement released on Thursday evening.

The introduction of the foreign exchange price verification system is part of the CBN’s ongoing efforts to streamline and regulate the foreign exchange market. As of August 31, 2023, the new measure will come into effect, impacting the way importers access foreign currency.

The statement clarified that the price verification report, generated through the newly established portal, will now be a mandatory requirement for all Form M requests. Form M is a key document utilized in the importation process, outlining details of incoming goods and payment arrangements.

The statement from the CBN read: “Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go-Live of the Price Verification System (PVS). All applications for Forms M shall be accompanied by a valid price verification report generated from the price verification portal.”

This move underscores the CBN’s commitment to fostering transparency and accountability within the foreign exchange market. By introducing the requirement of a price verification report, the apex bank aims to deter fraudulent activities and ensure that the exchange rates used for import transactions are accurate and reflective of prevailing market conditions.

The CBN also stressed the importance of compliance with the new directive, emphasizing that authorized dealers, who act as intermediaries between importers and the foreign exchange market, must inform their customers of this development. Any deviations from the prescribed procedures will be met with appropriate sanctions.

As Nigeria’s financial landscape continues to evolve, the implementation of the foreign exchange price verification system is a significant step toward a more regulated and transparent trading environment. The move aligns with the CBN’s broader objectives of maintaining stability in the economy and fostering investor confidence.

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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.