Dollar to Naira Bank Rate Today | CBN Exchange Rate August 31, 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 N770.51. Conversely, if you wish to sell your dollar at the I & E window, 1 US dollar will yield you N769.51.

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 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.

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.

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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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.