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 19, 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: 799.50 naira per US dollar
- Selling rate: 800.50 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 799.50 naira. And if you want to sell 1 US dollar, you will receive 800.50 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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“Surging Market: Nigerian Stock Market Witnesses N448.33 Billion Gain as Investors Rejoice”.
Investors in companies such as Honeywell Flour, NEM, and others celebrated a significant gain of N448.33 billion in the Nigerian stock market as trading closed on Tuesday. This resulted in a 1.30 percent increase in market capitalization, rising from N34.27 trillion to N34.72 trillion by the end of the day.
The All-Share Index also experienced a positive surge, climbing by 823.37 basis points to reach 63,766.72. This marked an improvement from the 62,943.35 recorded on Monday.
Trading activity was robust, with investors exchanging 868.80 million shares valued at N42.80 billion in 8,970 deals. This surpassed the previous day’s trading volume of 710.01 million shares, worth N13.82 billion, in 8,979 deals.
Honeywell Flour emerged as the top gainer, with its share value increasing by N0.30 kobo to close at N3.30 kobo per share, compared to N3 per share previously. NEM also experienced notable growth, gaining N0.54 kobo as its share price moved from N5.40 kobo to N5.94 kobo per share.
Other gainers included NPF Microfinance Bank, which saw a rise of N0.17 kobo, closing at N1.87 kobo per share. Eterna witnessed a significant increase in share price, rising by N2.35 kobo to reach N26.05 per share. PZ also recorded a positive surge, with its share price appreciating by N1.60 kobo, closing at N17.80 kobo per share.
However, Japaul Gold experienced a 10 percent decline, leading the losers’ table. Its share price dropped from N0.90 kobo to N0.81 kobo per share. FTN Cocoa also saw a decrease, with its share price dropping by N0.25 kobo to end trading at N2.29 kobo per share.
During the trading session, FCMB took the lead in terms of volume, with 153.87 million shares valued at N956.07 million. Japaul Gold followed closely with 110.53 million shares worth N90.94 million. Dangote Cement recorded the highest value, selling 104.88 million shares worth N35.81 billion. Access Corporation traded 49.54 million shares valued at N849.23 million, while Fidelity Bank sold 41.90 million shares valued at N312.59 million.
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.
