CBN Official Naira to Dollar exchange rate today July 23 2023

The Central Bank of Nigeria (CBN) publishes the daily exchange rate of the Nigerian naira to the US dollar. This information is crucial 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 776.50 naira. And for those  who want to sell 1 US dollar, you will receive 777.50 naira.

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.

“Record-Breaking Tax Revenue: FIRS’ Impressive Performance in H1 2023”.

During the first half of 2023, the Federal Inland Revenue Service (FIRS) achieved a significant milestone by generating N5.5 trillion in tax revenue from both the oil and non-oil sectors.

However, according to a recent report released by the tax agency, it fell short of its N2.3 trillion oil sector tax revenue projection by N297 billion. Specifically, the tax revenue from the oil sector amounted to N2.03 trillion, as disclosed by Johannes Wojuola, the special assistant on media and communication to the chairman of FIRS.

On a positive note, the non-oil sector tax revenue surpassed expectations, reaching N3.76 trillion, which was higher than the projected N2.98 trillion tax revenue for the first half of the year.

In June 2023 alone, the service collected a record N1.65 trillion in tax revenues, the highest amount collected in any single month.

Expressing his satisfaction with the overall performance, FIRS’ executive chairman, Muhammad Nami, stated that this N5.5 trillion tax revenue is the highest ever collected during the first half of the year in the history of the agency. He remained optimistic about surpassing the annual target, expressing confidence that the second half of the year would yield even better results.

Nami attributed the success to several factors, including improved voluntary tax compliance by taxpayers, the ongoing enhancement of tax administration processes through automation, including updated VAT filing procedures, and persistent engagement with stakeholders from both the formal and informal sectors of the economy.

Despite facing challenges like the impact of the currency redesign and the 2023 general elections on the economy during the first and second quarters, FIRS managed to achieve this remarkable performance. Looking ahead, Nami believes that the positive impact of the government’s policies on the economy, along with further improvements in tax administration processes, will contribute to a more successful second half of the year.

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.

I 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.