Dollar to Naira Bank Rate Today | CBN Exchange Rate August 24, 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.

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This means that if you want to buy 1 US dollar at the Central Bank of Nigeria (CBN) or the Importer and Exporter (I & E) Foreign Exchange Windows, you will need to pay N774.50. Conversely, if you wish to sell your dollar at the I & E window, 1 US dollar will yield you N773.50.”

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.

Meanwhile, the Central Bank of Nigeria (CBN) has introduced new guidelines for the sale of foreign exchange by Bureau De Change (BDC) operators, marking a significant shift in the country’s forex practices. This announcement follows years of the CBN’s prohibition of forex sales to BDC operators, a decision initially declared by former CBN governor Godwin Emefiele in 2324. The new guidelines seek to stabilize the foreign exchange market and curb deviations from BDCs’ intended purpose of serving retail customers seeking smaller sums of currency. BDC operators are now required to adhere to a specified buying and selling spread and to submit periodic reports through an upgraded system. Failure to comply may result in penalties, including the revocation of operating licenses. The guidelines reflect CBN’s commitment to maintaining foreign exchange market stability and fostering responsible financial conduct.

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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.