CBN Dollar To Naira Rate Today Wednesday, 2nd August 2023

As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.

 

The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website.

 

Newsonline Nigeria reports that the dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those on the black/parallel market.

CBN Dollar To Naira Rate Today

The CBN exchange rate of dollar to naira today, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official is as follows:

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
8/1/2023	US DOLLAR	774.855	775.355	775.855
8/1/2023	POUNDS STERLING	989.4123	990.0508	990.6892
8/1/2023	EURO	850.0159	850.5644	851.1129
8/1/2023	SWISS FRANC	883.6298	884.2	884.7702
8/1/2023	YEN	5.4053	5.4088	5.4123
8/1/2023	CFA	1.2561	1.2661	1.2761
8/1/2023	WAUA	1018.5087	1019.166	1019.8232
8/1/2023	RIYAL	206.5013	206.6346	206.7678
8/1/2023	DANISH KRONA	114.0096	114.0832	114.1568
8/1/2023	SDR	1040.5528	1041.2242	1041.8957

Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.

Factors Influencing Foreign Exchange Rate

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favor of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.