CBN Official Naira to Dollar exchange rate today July 30 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 775.78 naira. And for those  who want to sell 1 US dollar, you will receive 776.78 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.

“Foreign Exchange Transactions Surge by 65.79% in Nigeria’s I&E Window, Hits $7.72 Billion in June 2023”

In June 2023, the value of foreign exchange transactions in the Investors’ and Exporters’ window witnessed a substantial surge of 65.79% compared to May 2023. According to data sourced from the FMDQ Exchange, the Central Bank of Nigeria (CBN), authorized dealers, and their clients conducted foreign exchange trades worth N4.77 trillion ($7.72 billion) during that period.

This noteworthy increase amounted to N1.89 trillion ($1.51 billion) more than the N2.87 trillion ($6.21 billion) traded in May. The combined foreign exchange transactions over the two months totaled N7.65 trillion or $13.94 billion.

The surge in foreign exchange transactions came in response to President Bola Tinubu’s pledge during his presidential speech on May 30, 2023. In his address, he vowed to review the foreign exchange market to enhance liquidity and address concerns raised by foreign investors about forex scarcity and multiple forex rates impeding earnings repatriation.

In line with his promises, President Tinubu took action by suspending the governor of the Central Bank of Nigeria (CBN) and consolidating multiple exchange rates into a single rate within the Investors’ and Exporters’ window.

Despite the boost in liquidity, the naira to dollar exchange rate in the I&E window has been rising, currently trading at N768.60/$1 on Thursday, surpassing the N664.04/$1 rate set by the CBN on June 14, 2023, after the devaluation.

Additionally, Nigeria’s foreign reserves declined to $33.94 billion on July 25, marking a two-year low compared to the $35.14 billion reported on May 26, shortly before former President Muhammadu Buhari’s term ended.

Furthermore, the total Foreign Exchange Derivatives recorded in June amounted to N3.91 trillion ($6.34 billion), a significant increase from the N2.40 trillion ($5.19 billion) recorded in May.

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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.