CBN Official Naira to Dollar exchange rate today July 31 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 792.50 naira. And for those  who want to sell 1 US dollar, you will receive 793.50 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.

“Official window records N7.65tn foreign exchange transactions in 2 months”

The value of foreign exchange transacted in the Investors’ and Exporters’ window witnessed a significant increase of 65.79% between May and June 2023, according to data from the FMDQ Exchange, the Central Bank of Nigeria (CBN), and authorized dealers. In June alone, N4.77 trillion ($7.72 billion) worth of foreign exchange was traded, marking a rise of N1.89 trillion ($1.51 billion) compared to the N2.87 trillion ($6.21 billion) traded in May. The total foreign exchange transactions for the two months reached N7.65 trillion or $13.94 billion.

This surge in forex transactions followed President Bola Tinubu’s commitment to review the foreign exchange market to enhance liquidity. He assured foreign investors of measures to address forex scarcity and multiple rates that hindered earnings repatriation. Consequently, the governor of the CBN was suspended, and the Investors’ and Exporters’ window moved to a unified exchange rate.

Despite the liquidity increase due to the monetary policy review, the single exchange rate in the I&E window has been rising. As of Thursday, the naira to dollar rate stood at N768.60/$1, compared to N664.04/$1 on June 14, 2023, when the naira was devalued by the CBN. Additionally, foreign reserves declined to a two-year low of $33.94 billion as of July 25, down from $35.14 billion reported on May 26.

In June, the total Foreign Exchange Derivatives amounted to N3.91 trillion ($6.34 billion), showing growth from N2.40 trillion ($5.19 billion) 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.