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 Tuesday, August 15, 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: 766.40 naira per US dollar
- Selling rate: 767.40 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 N767.40. Conversely, if you wish to sell your dollar at the I & E window, 1 US dollar will yield you N766.40.”
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.
“CBN Acting Governor Announces New Measures to Stabilize Naira Against Dollar Amid Exchange Rate Concerns”
On Monday, Folasodun Sonubi, the Acting Governor of the Central Bank of Nigeria (CBN), announced that the apex bank will implement new measures to stabilize the naira against the dollar in the near future. He made this statement during a conversation with State House Correspondents following a meeting with President Bola Tinubu at the Presidential Villa in Abuja.
This meeting occurred just a few hours after reports surfaced about a potential plan by petrol marketers to raise fuel prices due to fluctuations in the exchange rate on the parallel market. Concerns have emerged that the naira might trade at N950/$ in the parallel market within the next few weeks.
The CBN governor conveyed that the president expressed worries about the impact of exchange rate fluctuations on the citizens. Sonubi reassured Nigerians that the apex bank is actively engaged in enhancing liquidity and stability within the foreign exchange market.
He emphasized that the fluctuations experienced in the parallel market are not solely a result of economic factors but are also influenced by speculative demand. Sonubi stated, “Mr. President is very concerned about some of the happenings in the foreign exchange market. One of the topics we discussed is how to stabilize and enhance liquidity in the market, including the parallel market which has implications for various other markets.”
He continued, “He is concerned about its impact on the average person, as many local activities are still linked to exchange rates in the parallel market. We’ve discussed and I’ve shared with him our efforts to improve supply. If you examine the official market, you’ll notice that it has maintained relative stability and the spreads between rates have not fluctuated significantly.”
Sonubi concluded, “We do not believe that the shifts occurring in the parallel market are solely driven by pure economic supply and demand dynamics, but are also influenced by speculative demand from various individuals.”
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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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