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 Thursday, August 17, 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: 785.89 naira per US dollar
- Selling rate: 786.89 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 773.02.
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 N786.89. Conversely, if you wish to sell your dollar at the I & E window, 1 US dollar will yield you N785.89.”
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.
Nigeria Requires $20 Billion Annually for Gas Expansion, says NEITI Executive Secretary
In a significant policy dialogue on Nigeria’s Decade of Gas Action plan held in Abuja, Dr. Orji Ogbonnaya, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), highlighted the need for substantial investment to achieve the country’s ambitious gas expansion plan. Dr. Ogbonnaya emphasized that Nigeria would require an annual investment of $20 billion to bridge the gap in the country’s gas infrastructure and move towards a more extensive gas network.
Addressing attendees at the dialogue, which was organized by the African Initiative for Transparency, Accountability and Responsible Leadership (AFRITAL) in collaboration with the Natural Resource Governance Institute (NRGI), Dr. Orji Ogbonnaya noted that the evolving landscape of fossil fuel investment required clear prioritization of infrastructure projects. He underscored the importance of clarity in the investment landscape to drive the gas sector’s growth.
The Federal Government introduced the National Gas Expansion Programme (NGEP) in December 2020 to enhance the utilization of natural gas and promote it as a cleaner and more cost-effective energy source for both industrial and personal use.
Nigeria boasts the largest gas reserves in Africa and ranks ninth globally, with gas reserves exceeding 200 trillion cubic feet (tcf). Dr. Ogbonnaya highlighted the Petroleum Industry Act (PIA) as a significant step forward for the gas sector, facilitating improved governance and providing fiscal frameworks to support growth.
Dr. Orji Ogbonnaya outlined that successful implementation of the gas utilization policy would necessitate ambitious investment in gas infrastructure. He emphasized the importance of connectivity across upstream facilities, processing plants, power generation, and other end uses. The network code, which allows third-party access, aids in addressing connectivity concerns. However, Dr. Ogbonnaya stated that the desired expansion would demand an estimated annual investment of $20 billion.
To effectively deliver on the gas infrastructure goals, Dr. Ogbonnaya recommended that the Federal Government develop a comprehensive, realistic, and detailed gas policy that outlines roles for state and non-state actors, along with clear timelines for monitoring progress. He urged the alignment of the integrated gas policy with Nigeria’s energy transition strategies and the development of a robust monitoring and evaluation framework for tracking implementation.
Furthermore, Dr. Orji Ogbonnaya advocated for a private sector-led approach to ending gas flaring, including a commercialization program. He also emphasized the importance of transparency and competitiveness in gas flare commercialization efforts.
As Nigeria strives to capitalize on its substantial gas reserves, the insights shared during this policy dialogue shed light on the significant investments, policy alignment, and collaborative efforts required to realize the country’s gas expansion ambitions.
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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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