Dollar to Naira Bank Rate Today | CBN Exchange Rate September 9, 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 N790.50. Conversely, if you wish to sell your dollar at the I & E window, 1 US dollar will yield you N789.50.

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, telecommunications companies and Deposit Money Banks (DMBs) have successfully resolved their dispute regarding a debt related to the Unstructured Supplementary Service Data (USSD) billing system.

The banks had owed network providers a substantial N120 billion arising from the use of the USSD platform. This disagreement stemmed from the billing method, as the USSD service was charged on a corporate billing basis, while the DMBs preferred an end-user billing approach.

However, a breakthrough in resolving this issue came with the intervention of the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Umar Danbatta. He mentioned that the Governor of the Central Bank of Nigeria (CBN), Fola Shonubi, played a pivotal role in facilitating this settlement.

Addressing the matter at the Telecom Executives and Regulators Forum (TERF) held in Lagos, Danbatta acknowledged Shonubi’s contributions, recognizing that without the telecommunications companies, the CBN’s financial inclusion program would not have achieved its impressive 70 percent rate.

Danbatta further explained that the core dispute revolved around who should bear the cost of the USSD service. The banks insisted on end-user billing, while the NCC argued that the service was provided to the banks, not directly to their customers. This resulted in a growing debt, eventually accumulating to over N100 billion.

Dollar to Naira Bank Rate Today,CBN Exchange Rate

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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.