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Dollar to Naira Bank Rate Today | CBN Exchange Rate August 31, 2023

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Dollar to Naira black market exchange rate today
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Check the current Dollar to Naira bank rate today and the latest CBN exchange rate today  Thursday August 31, 2323. Stay updated on currency exchange rates in Nigeria.
If you are looking for the current exchange rates and Naira to Dollar conversion, we have you covered on this CBN exchange rate platform

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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The CBN Naira to Dollar exchange rate yesterday, closed at N773.50 per dollar.

Dollar to Naira CBN and Bank Exchange rate today

As of Thursday, August 31, 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?

 

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CBN Official naira to dollar rate today

 

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.

The Dollar to Naira bank rate today  is ₦ 769.51 to one dollar. Therefore 100  dollar to naira will give 76,950

CBN Official dollar to Naira yesterday

 

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The CBN Exchange Rate for Naira to Dollar closed yesterday at 773.02.

Aboki Dollar to Naira Today | Dollar to Naira Black Market Rate August 31, 2323

 

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 N770.51. Conversely, if you wish to sell your dollar at the I & E window, 1 US dollar will yield you N769.51.

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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,

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The decline in foreign investor participation is raising concerns as it shifts the balance of market engagement. The report reveals that domestic investors contributed a substantial 94.2 percent of total market transactions, while foreign investors made up a comparatively modest 6.5 percent.

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

This decrease in foreign participation not only creates an imbalance in the stock market landscape but also carries implications for Foreign Portfolio Investments (FPI) amid foreign exchange scarcity. The report emphasizes the need to closely monitor these trends and assess their impact on overall market dynamics.

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In a recent report, the Nigerian Exchange Limited (NGX) unveiled a significant shift in the equity market landscape, sparking concerns about the trajectory of foreign investment in the country. The report revealed a notable increase in equity market transactions, driven largely by domestic investors.

According to the report, equity market transactions in Nigeria saw a significant 72.83 percent month-on-month surge. The stock market recorded substantial trades amounting to N702.9 billion during July 2023. This surge represents a marked increase from the N406.75 billion reported in the previous month of June.

However, the surge in transactions seems to be primarily driven by domestic investors. Equity trades among local participants surged by 83.50 percent, leading to a significant rise in trading volume from N361.01 billion in June to an impressive N662.44 billion in July.

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In contrast, foreign investors displayed 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 N45.74 billion recorded in the previous month.

 

 

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Black Market Dollar To Naira Exchange Rate Today 
Graphic of Dollars and Nairas

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.

CBN Exchange Rate

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. Dollar to Naira Bank Rate Today

Thanks for reading CBN Official naira to dollar exchange rate today and Dollar To Naira Bank Rate Today.  l hope this cbn exchange rate us dollar to naira post has been helpful. If you have any questions, please feel free to leave a comment below.

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Disclaimer: The opinions expressed in this article are solely those of the author and do not reflect the views of Ejes Gist Media Limited. For any rights infringements or takedown requests, please contact us at [email protected].
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