CBN Official Naira to Dollar exchange rate today August 6, 2023

The Central Bank of Nigeria (CBN) publishes the exchange rate of the Nigerian naira to the US dollar daily. This information is very important 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 767.45 naira. And for those  who want to sell 1 US dollar, you will receive 768.45 naira.

What happened to Nigerian naira to US dollar

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.

“Aliko Dangote’s Companies, Dangote Sugar Refinery, NASCON Allied Industries Plc, and Dangote Rice Limited Announce Merger Plan”

Aliko Dangote’s companies, Dangote Sugar Refinery, NASCON Allied Industries Plc, and Dangote Rice Limited, have announced their intention to merge their operations. This decision was made after a board of directors’ meeting on July 28, 2023.

The merger aims to consolidate and strengthen the Group’s market position in the food industry, and the companies will seek approval from shareholders and the Securities and Exchange Commission (SEC) before proceeding.

The merger will be an internal restructuring executed through a Scheme of Merger under the Companies & Allied Matters Act, 2020 (as amended) and other applicable regulations. The terms and conditions of the merger are yet to be finalized, and court-ordered meetings will be held to obtain approval for the completion of the transaction.

The scheme is also subject to the approval of shareholders of the merging entities and the sanction of the Federal High Court.

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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.