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.
The CBN Naira to Dollar exchange rate yesterday, closed at N772.22 per dollar.
Dollar to Naira CBN and Bank Exchange rate today
As of Monday, August 28, 2323, the latest data from the Central Bank of Nigeria (CBN), the Official exchange rate of dollar to naira CBN rate today is as follows:.
What is CBN exchange rate today?
CBN Official naira to dollar rate today
- Buying rate: 772.34 naira per US dollar
- Selling rate: 774.50 naira per US dollar
The CBN Official naira to dollar, effective as of today, play a significant role in facilitating financial transactions and conversions between the Nigerian naira and the US dollar. It is important to note that exchange rates may fluctuate in response to market conditions and other factors.
Dollar to Naira bank rate today.
- How much is dollar to naira today bank rate?
The Dollar to Naira bank rate today is ₦ 772.34 to one dollar. Therefore 100 dollar to naira will give 76,950
CBN Official dollar to Naira yesterday
The CBN Exchange Rate for Naira to Dollar closed yesterday at 773.02.
Important Notice: The Investors & Exporters FX window ( I&E FX Window) is now the CBN Official Naira to Dollar exchange rate.
CBN Exchange Rate for Naira to Dollar explainer
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 N772.34.
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, Nigeria’s Gross Domestic Product (GDP) experienced a notable expansion of 2.51% in real terms during the second quarter (Q2) of 2023, as reported by the National Bureau of Statistics (NBS). This growth marked a positive shift from the 2.31% increase observed in the preceding quarter (Q1) of the same year.
Although this growth was robust, it fell short of the 3.54% surge achieved in the second quarter of 2022, during which the GDP grew by 3.54%.
The Services sector emerged as a primary driver of this growth, contributing significantly with a growth rate of 4.42%, which accounted for 58.42% of the aggregate GDP. Additionally, the agriculture sector also exhibited positive growth, expanding by 1.50%. This figure represented an improvement from the 1.20% growth recorded in the second quarter of 2022.
However, the report noted that the agriculture and industry sectors had a smaller share in the overall GDP in the second quarter of 2023 when compared to the same period in 2022.
The NBS further detailed that the growth rate of the industry sector was -1.94%, contrasting with the -2.30% recorded in the second quarter of 2022.
In nominal terms, the total GDP reached N52.10 trillion in Q2 2023, with the real GDP amounting to N17.72 trillion. This surpassed the N45 trillion registered in the corresponding period of the second quarter in 2022.
The report classified Nigeria’s economy into the oil and non-oil sectors for better understanding. It indicated that the oil sector experienced a year-on-year real growth of -13.43% in Q2 2023, signifying a decline of 1.66% points compared to the rate in the corresponding quarter of 2022.
- Dollar To Naira Bank Rate Today is 772.34 per dollar.
On the other hand, the non-oil sector showcased a 3.58% real growth rate during the reference quarter (Q2 2023). This was slightly lower than the rate recorded in the same quarter of 2022 but higher than the first quarter of 2023.
Key contributors to the non-oil sector’s growth included Information and Communication (Telecommunication), Financial and Insurance (Financial Institutions), Trade, Agriculture (Crop production), Manufacturing (Food, Beverage & Tobacco), Construction, and Real Estate.
The non-oil sector constituted a significant portion of Nigeria’s GDP, contributing 94.66% in the second quarter of 2023. This demonstrated an increase from the share recorded in the same period of 2022, which was 93.67%, and a rise from the first quarter of 2023, recorded at 93.79%.
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.
That is all for now in the Official Naira to Dollar exchange rate today which is all the I & E dollar to naira exchange.
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