Official Naira to Dollar exchange rate today July 18 2023

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.

This means that if you want to buy 1 US dollar, you will need to pay 775.73 naira. And if you want to sell 1 US dollar, you will receive 776.73 naira.

• Also See : CBN Exchange rate today July 3 2023 | 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.

Read Also Naira to Dollar black market exchange rate today, July, 2023

Naira Plunges to Record Low at N803/$1 as Exchange Rate Tumbles.

In a significant blow to Nigeria’s economy, the exchange rate between the dollar and the naira hit an unprecedented low of N803/$1 at the investor and exporter window on Friday, July 15, 2023. This marks the lowest point the exchange rate has ever plummeted to since the country adopted the managed float exchange rate system. Additionally, it signifies the first instance where the rate has closed above N800/$1, raising concerns about the currency’s stability.

The closing rate of N803/$1 reflects a substantial 7.3% decline from the week’s opening rate of N744/$1. The first indication of the impending challenge emerged when the exchange rate closed at N776/$1.

Data obtained from the FMDQ, which tracks unofficial exchange rate trades, reveals a depreciation of 7.72% from the previous closing rate of N746.28 recorded on Thursday, July 13, 2023.

Forex turnover at the investor and exporter window experienced a drastic plunge, reaching a mere $46.9 million, marking a significant 46.33% decline compared to the preceding day. This represents the lowest point in forex turnover since May 2nd, 2023, underscoring the severity of the situation.

Interestingly, the market witnessed a record-breaking intra-day high of N829/$1, surpassing even the parallel market rate. However, the intra-day low settled at N689/$1.

Moreover, it is worth noting that this intra-day high represents the lowest level witnessed since the launch of the revised investor and exporter window, underscoring the ongoing challenges faced by the currency exchange system.

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.

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.