Dollar to Naira Bank Rate Today | CBN Exchange Rate August 29, 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.

Women’s World Cup Final: Spain Triumphs Over England in Sydney

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 N762.50. Conversely, if you wish to sell your dollar at the I & E window, 1 US dollar will yield you N760.50.

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,  in a recent report, the Nigerian Exchange Limited (NGX) has unveiled a notable shift in the equity market landscape, sparking concerns over the trajectory of foreign investment in the country. The report disclosed a substantial increase in equity market transactions, although the surge was largely driven by domestic investors.

The report highlights that equity market transactions in Nigeria experienced a significant surge of 72.83 percent month-on-month, with the stock market recording a substantial N702.9 billion in trades during July 2023. This surge reflects a marked increase from the N406.75 billion reported in the previous month of June.

However, the surge in transactions appears to be driven primarily by domestic investors, as equity trades among local participants soared by 83.50 percent. This surge resulted in a significant uptick in trading volume, rising from the N361.01 billion recorded in June to an impressive N662.44 billion in July.

In contrast, foreign investors exhibited less enthusiasm compared to their local counterparts. Foreign investment figures for July 2023 stood at N40.54 billion, marking an 11.37 percent decrease compared to the previous month’s N45.74 billion.

The decline in foreign investor participation raises concerns, as it shifts the balance of market participation. The report indicates that domestic investors contributed a staggering 94.2 percent of the total market transactions, while foreign investors accounted for a relatively modest 6.5 percent.

While local investors increased their participation from 88.5 percent in June, foreign investors decreased their involvement from 11.24 percent during the same period.

This drop in foreign participation not only creates an imbalance in the stock market landscape but also has implications for Foreign Portfolio Investments (FPI) during a time of foreign exchange scarcity. The report underscores the need to closely monitor these trends and assess their impact on the overall market dynamics.

As Nigeria navigates challenges within its financial markets, industry experts and stakeholders will be closely watching to discern the implications of this concerning trend and its potential effects on the country’s investment landscape.

Read Also 

Dollar to naira black market today August 1, 2323 | Aboki fx rate

Dollar to naira black market today August 29, 2323 | abokifx

CBN Official Naira to Dollar exchange rate today August 29 2323

CBN Official Naira to Dollar exchange rate today August 25 2323

Dollar to naira black market today August 1, 2323 | Abokifx

Dollar to naira black market today August 1, 2323 | Aboki fx rate

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.