The Central Bank of Nigeria (CBN) publishes the daily exchange rate of the Nigerian naira to the US dollar. This information is crucial for businesses and individuals who need to convert between the two currencies.
As of July 14, 2023, the latest data from the Central Bank of Nigeria (CBN), the Official exchange rate of naira to dollar today is as follows:.
Official naira to dollar rate today
- Buying rate: 777.50 naira per US dollar
- Selling rate: 778.50 naira per US dollar
These rates, 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.
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This means that if you want to buy 1 US dollar, you will need to pay 777.50 naira. And if you want to sell 1 US dollar, you will receive 778.50 naira.
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.
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Nigeria records $1.41bn forex inflow in June, up by 24%
FMDQ Exchange has announced that the total foreign exchange inflow into the Investors’ and Exporters’ window rose to $1.41 billion in June. This marks a consecutive increase for two months, as the previous month recorded a total inflow of $1.14 billion.
The rise in inflows can be attributed to the unification of multiple exchange rates, a move aimed at attracting liquidity into the Investors’ and Exporters’ window. The two-month period saw a total forex inflow of $2.55 billion, indicating a month-on-month increase of approximately 24%.
In the first quarter of 2023, Nigeria’s total capital importation reached $1.13 billion, according to the National Bureau of Statistics (NBS).
This includes investments from Foreign Portfolio Investors (FPI), Foreign Direct Investors (FDI), and other sources. The capital importation experienced a quarter-on-quarter increase of 6.78%. However, when compared to the first quarter of the previous year, there was a 28% decline from the $1.57 billion reported.
Notably, a significant portion of the capital importation came from the United Kingdom, accounting for $673.64 million, while the United Arab Emirates contributed $108.28 million. The United States contributed $95.36 million, South Africa provided $91.14 billion, and Singapore accounted for $69.84 billion.
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.
I 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.
