CBN Dollar to Naira Exchange Rates for 16-August-2023 | CBN Official Exchange Rates

CBN Official Dollar to Naira Exchange Rates for 2023: Comprehensive Analysis

The Central Bank of Nigeria (CBN) provides official exchange rates for the Nigerian Naira (₦) against other global currencies. On 16-08-2023, they provided the following rates.

This guide offers an in-depth breakdown of these rates for popular global currencies.

Overview of the CBN Official Exchange Rates

CBN releases official exchange rates for multiple currencies against the Nigerian Naira. These rates are:

• Buying Rate: The rate at which CBN buys the currency.
• Central Rate: The average or middle rate.
• Selling Rate: The rate at which CBN sells the currency.

Top Global Currencies Compared

• United States Dollar (USD):
  • Buying: ₦784.392
  • Central: ₦784.892
  • Selling: ₦785.392
• United Kingdom Pound (GBP):
  • Buying: ₦998.7663
  • Central: ₦999.403
  • Selling: ₦1000.0396
• Euro (EUR):
  • Buying: ₦857.968
  • Central: ₦858.5149
  • Selling: ₦859.0618

African Regional Currencies

• Communaute Financiere Africaine BCE (XOF):
  • Buying: ₦1.233
  • Central: ₦1.243
  • Selling: ₦1.253
• Communaute Financiere Africaine CFA (XAF):
  • Buying: ₦1.233
  • Central: ₦1.243
  • Selling: ₦1.253
• West African Units Accounts (WAU):
  • Buying: ₦997.0188
  • Central: ₦997.6544
  • Selling: ₦998.2899
• South Africa Rand (ZAR):
  • Buying: ₦40.9495
  • Central: ₦40.9756
  • Selling: ₦41.0017

Asian and Middle Eastern Currencies

• Japanese Yen (JPY):
  • Buying: ₦5.3988
  • Central: ₦5.4022
  • Selling: ₦5.4057
• Saudi Arabia Riyal (SAR):
  • Buying: ₦209.121
  • Central: ₦209.2543
  • Selling: ₦209.3876
• China Yuan Renminbi (CNY):
  • Buying: ₦107.6648
  • Central: ₦107.7334
  • Selling: ₦107.8021

Special Financial Instruments

• Switzerland Franc (CHF):
  • Buying: ₦894.7097
  • Central: ₦895.28
  • Selling: ₦895.8503
• Denmark Krone (DKK):
  • Buying: ₦115.1114
  • Central: ₦115.1848
  • Selling: ₦115.2581
• Special Drawing Rights (XDR):
  • Buying: ₦1048.3399
  • Central: ₦1049.0082
  • Selling: ₦1049.6764

The Nigerian Naira’s exchange rate is influenced by various global and regional economic factors. By staying updated with CBN’s official rates, individuals and businesses can make informed financial decisions. This guide serves as a reliable source for those interested in the currency exchange landscape of Nigeria as of 16-08-2023.