CBN Official Naira to Dollar exchange rate today July 25 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 792.00 naira. And for those  who want to sell 1 US dollar, you will receive 793.00 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.

Nigerian Equities Market Witnesses Impressive Growth.

The equities market displayed a bullish performance in the past week, witnessing a substantial increase in the aggregate value of listed equities by N1.33 trillion, representing a 3.89% surge. As a result, the market capitalization rose from N34.069 trillion in the previous week to N35.395 trillion at the close. This upward trend was fueled by strong demand for blue-chip stocks and an overall improvement in investor sentiment.

The NGX All-Share Index (ASI) demonstrated an impressive growth, recording a remarkable increase of 2,433.66 points in the week ending on Friday. The index closed at 65,003.39 points, showing a significant 3.89% rise compared to the prior week’s closing figure of 62,569.73 points. Notably, the market reached its highest index point for the week at 65,003.39 points, underscoring the positive momentum driving the market.

In contrast, the market’s lowest index point during the week stood at 62,943.35 points, recorded on Monday, 17th July 2023. Despite this brief dip, the market quickly rebounded and continued its upward trajectory, reinforcing the positive trend observed in the current month.

The Nigerian stock market has shown strong performance throughout the month, with an overall increase of 6.62% in its performance. Additionally, the market’s annual return has been impressive, reaching 26.83%. This signifies the resilience and growth potential of the Nigerian economy, portraying it as an attractive investment destination for both local and international investors.

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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.