CBN Official Naira to Dollar exchange rate today July 28 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 775.50 naira. And for those  who want to sell 1 US dollar, you will receive 776.50 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.

CBN orders banks to unfreeze accounts of crypto, fintech companies.

The Central Bank of Nigeria (CBN) has issued a directive to banks to unfreeze the accounts of certain entities, including foreign exchange investment, cryptocurrency, and Bureau De Change companies. The circular, dated July 25, 2023, instructs banks to lift the post-no-debit restriction that was previously placed on the accounts of several entities, which includes popular crypto exchange Yellow Card Financial and 439 other individuals and companies.

Dollar to naira black market today July 28, 2023 | Aboki fx rate

Among the listed companies are Rise Vest Technologies Limited, Chaka Technologies Limited, Bamboo Systems Technology Limited, and Trove Technologies Limited.

The freezing of these accounts was initiated in August 2021 under the suspended CBN governor, Godwin Emefiele. At that time, the CBN obtained a Federal High Court order to freeze the accounts of the fintech firms for 180 days to investigate alleged serious foreign exchange infractions by the companies.

The investigation centered around foreign exchange transactions and non-documentation by the defendants/respondents, which were deemed to be in violation of existing laws and regulations, particularly the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act and the Central Bank of Nigeria foreign exchange manual.

However, the recent circular from the CBN did not provide any specific reasons for the decision to lift the Post-No-Debit restriction on these accounts. The banks have been instructed to inform the concerned customers about the vacation of the restriction accordingly.

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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.