The Central Bank of Nigeria (CBN) publishes the exchange rate of the Nigerian naira to the US dollar on a daily basis. The exchange rate is important for businesses and individuals who need to convert between the two currencies.
As of July 8, 2023, the CBN exchange rate for the Nigerian naira to the US dollar is as follows:
- Buying rate: 769.50 naira per US dollar
- Selling rate: 770.50 naira per US dollar
This means that if you want to buy 1 US dollar, you will need to pay 769.50 naira. And if you want to sell 1 US dollar, you will receive 770.50 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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Market cap up by 1.6% as investors gain over N500bn in five hours.
Meanwhile, on Monday, the Nigerian capital market experienced a 1.60 percent increase in equity capitalization by the end of trading. This resulted in a substantial growth of N534.01 billion in the value of investments, pushing the total market value from N33.19 trillion to N33.73 trillion by the close of the business day.
The All-Share Index exhibited a positive trend, rising by 980.97 basis points to reach a closing value of 61,949.24. This marked an improvement from the previous Friday’s value of 60,968.27, as reported by the bourse.
Trading activity on Monday saw investors exchanging 1.20 billion shares valued at N14.03 billion, comprising 12,128 deals. These figures surpassed the previous week’s statistics of 998.08 million shares worth N15.95 billion, traded across 10,580 deals.
Among the gainers, Japaul Gold emerged at the top, with a 10 percent increase in share value, closing at N0.77 kobo per share, up from N0.70 kobo. UPL also experienced growth, gaining N0.25 kobo and moving from N2.50 kobo to N2.75 kobo per share.
Fidelity Bank saw a rise of N0.70 kobo, closing at N7.70 kobo, exceeding its opening price of N7 per share. Meyer’s share price increased by N0.24 kobo, moving from N2.40 kobo to N2.64 kobo per share.
Eterna displayed notable performance, recording a rise of N2.10 kobo in share price, appreciating from N21 to N23.10 kobo per share.
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.
