CBN Official Naira To Foreign Exchange Rate Today, 20 July 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 official Naira to foreign exchange rate today…

 

The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
7/20/2023	US DOLLAR	781.309	781.809	782.309
7/20/2023	POUNDS STERLING	1022.0303	1022.6844	1023.3384
7/20/2023	EURO	878.0351	878.597	879.1589
7/20/2023	SWISS FRANC	910.6166	911.1993	911.7821
7/20/2023	YEN	5.6347	5.6383	5.6419
7/20/2023	CFA	1.3071	1.3171	1.3271
7/20/2023	WAUA	1048.5136	1049.1846	1049.8556
7/20/2023	YUAN/RENMINBI	108.8392	108.9094	108.9795
7/20/2023	RIYAL	208.1271	208.2603	208.3934
7/20/2023	SOUTH AFRICAN RAND	43.8475	43.8755	43.9036

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.