CBN Official Naira to Dollar exchange rate today August 8, 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, you will need to pay 750.97 naira. And for those  who want to sell 1 US dollar, you will receive 752.97 naira.

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.

“Surge in GSK Nigeria’s Share Price Follows Operations Shutdown Announcement”.

“Surge in GSK Nigeria Share Price Follows Operations Shutdown Announcement”

The share price of GlaxoSmithKline (GSK) Consumer Nigeria soared to N8.90 kobo per share on August 4, a day after revealing the cessation of its operations in the country.

This marked the highest share price for GSK in four years.

As previously reported by Ripples Nigeria, GSK in the United Kingdom had severed ties with its Nigerian counterpart, terminating their vaccines and medical distribution contract. GSK UK transferred its distribution license to another Nigerian pharmaceutical company for local market distribution.

GSK Nigeria reassured its shareholders about investment returns and principal payment after seeking approval from the Securities and Exchange Commission (SEC) for the shutdown. Consequently, the share value, which had remained steady at N7.40 kobo since July 28, surged to N8.10 kobo on Thursday and later escalated to N8.90 kobo by Friday’s close of trading.

The increase in GSK Nigeria’s share value reflects investor anticipation of the forthcoming payout before the company’s total shutdown. The firm, which distributed dividends of N0.55 kobo per share in 2022, boasts retained earnings of N8.56 billion (as of June 2023) from which dividends have been disbursed.

Analyses from Ripples Nigeria revealed that the heightened demand for GSK Nigeria shares last week resulted in shareholders earning N956.7 million through trading, concurrently elevating the company’s market valuation from N8.84 billion to N9.80 billion.

Trading data unveiled that the last time GSK Nigeria’s shares reached N8.90 kobo per share was on July 5, 2019, when stocks traded at N10.20 kobo per share.

The announcement of the shutdown prompted a fervent interest in GSK Nigeria shares, causing a 20.27 percent increase in the value of investments held by shareholders within a week.

A notable 53.6 percent of GSK Nigeria’s stake belongs to Nigerian shareholders, while the remaining 46.4 percent is owned by GSK UK via Setfirst Limited and Smithkline Beecham Limited. Additionally, the company has N1.26 billion in unclaimed dividends as of June this year.

Read Also 

Dollar to naira black market today August 1, 2023 | Aboki fx rate

Dollar to naira black market today August 27, 2023 | abokifx

CBN Official Naira to Dollar exchange rate today August 27 2023

CBN Official Naira to Dollar exchange rate today August 25 2023

Dollar to naira black market today August 1, 2023 | Abokifx

Dollar to naira black market today August 1, 2023 | Aboki fx rate

• Week 4 Pool Fixtures for Sat 1 Jul 2023: Wk 4 Aussie 2023 – poolfixtures
• Week 4 Pool Banker Room 2023 – Pool Draw This Week 4 for Sat 1 August 2023 – Sure Banker This Week UK 2022/2023
• Week 4 pool results for Monday, August 1, 2023: Aussie Pool Result Wk 4

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.