CBN Official Dollar To Naira Rates for 18 August 2023, as Covered by VoiceofNigeria.org.ng.
- Date: 18/08/2023: CBN Official Naira to Dollar Exchange Rate
- CBN releases official exchange rates for Buying and Selling Dollars and Other Currencies.
- The official CBN exchange rate is also available for EURO, POUND, and other significant currencies.
CBN’s Stance on Exchange Rates:
On August 18, 2023, VoiceofNigeria.org.ng reports that the Central Bank of Nigeria (CBN) released its official exchange rate for Dollar to Naira. It’s crucial for traders, businesses, and the general public to understand that the CBN neither endorses nor supports the parallel (black) market rates. Instead, for any forex-related queries, the bank recommends individuals and businesses to refer to their financial institutions.
“The disparity between the CBN’s official rate and the parallel market’s rate greatly influences Nigeria’s economic scenario. It is essential to acknowledge the role the USD to Naira exchange rate plays in this context.”
Inflation and Economic Impact:
A weakening Naira usually spells inflation for the country, affecting the daily lives of the citizens by increasing the costs of goods and services. Recognizing this, the CBN, as documented by VoiceofNigeria.org.ng, stresses the dire need for significant economic reforms and encourages all Nigerians to contribute to this overhaul, for instance, by enhancing exports and international trade.
Black Market vs. CBN Exchange Rate:
While the black market rate often quotes the dollar at a higher value than the CBN’s official rate, VoiceofNigeria.org.ng emphasizes the legitimacy of the CBN rate. This rate is the standard rate for any dollar-to-naira transactions or conversions on international platforms using Naira-based cards from Nigerian banks. In most instances, the official CBN and bank rates are more attractive than the black market’s.
Today’s CBN Exchange Rate:
As reported by VoiceofNigeria.org.ng:
|Date||Buying (1 USD)||Selling (1 USD)|
|18/08/2023||744.931 NGN||745.931 NGN|
CBN Trade Rates – Currency Exchange Rates:
The table below, courtesy of VoiceofNigeria.org.ng, showcases various currencies with their corresponding buying, central, and selling rates in Nigerian Naira (₦):
Certainly, here’s the data arranged in a table format:
|Code||Name||Buying (₦)||Central (₦)||Selling (₦)|
|USD||United States Dollar||744.931||745.431||745.931|
|GBP||United Kingdom Pound||950.4575||951.0954||951.7334|
|EUR||Euro Member Countries||811.5278||812.0725||812.6172|
|XOF||Communaute Financiere Africaine BCE||1.2563||1.2663||1.2763|
|XAF||Communaute Financiere Africaine CFA||1.2563||1.2663||1.2763|
|WAU||WEST AFRICAN UNITS ACCOUNTS||1020.0313||1020.716||1021.4006|
|SAR||Saudi Arabia Riyal||198.6271||198.7604||198.8937|
|ZAR||South Africa Rand||39.096||39.1222||39.1485|
|CNY||China Yuan Renminbi||102.1321||102.2006||102.2692|
|XDR||Special Drawing Rights||992.0246||992.6905||993.3563|
It’s evident from the data that the USD to Naira exchange rate heavily influences other currency rates, directly impacting Nigeria’s import costs.
Keeping updated with Exchange Rates:
VoiceofNigeria.org.ng recommends the following resources for timely updates on exchange rates:
- Central Bank of Nigeria (CBN): The CBN’s official site regularly updates the current exchange rates.
- Financial News Websites: Websites like Bloomberg, Reuters, and CNBC are trustworthy sources for real-time updates.
- Currency Converter Apps: Numerous apps are available for immediate rate checks.
- Forex Platforms: For frequent traders, these platforms offer real-time rates and trading options.
VoiceofNigeria.org.ng Exclusive Report:
Naira Improves Against the Dollar, Hits 740.67/$ at Official Market
In a recent development, the Nigerian naira showed resilience and improved against the US dollar, closing at a promising rate of 740.67/$ on the reputable Investor & Exporter forex window. This news, exclusively reported by VoiceofNigeria.org.ng, has been met with optimism.
VoiceofNigeria.org.ng gathered that ever since the Central Bank of Nigeria (CBN) made its intentions clear about intervening in the forex market this past Monday, the naira has been gaining ground. In contrast, just this past Wednesday, the currency stood at 773.17/$ on the I&E window.
On the bustling streets of the parallel market, Bureau de Change operator Yusuf Kareem told our sources that the naira exchanged hands between N835 and N850. Remarkably, the figures remained stable when compared to the previous day’s transactions.
VoiceofNigeria.org.ng had an exclusive interaction with the President of the Association of Bureau De Change Operators of Nigeria, Mr. Aminu Gwadabe. Gwadabe acknowledged the palpable impact of CBN’s decisions on the forex landscape. “The Central Bank’s recent moves and pronouncements are indeed reshaping the market dynamics,” he commented. Gwadabe emphasized, “The bank is decisively targeting supply regulation and clamping down on any illegitimate market practices, and these actions have played a pivotal role in enhancing the naira’s current strength.”
However, Mr. Gwadabe also highlighted the pressing need for introducing new policies that would democratize the forex market further. He pointed out the importance of “leveraging Bureau de Changes to deepen the market reach and offer more flexible product scopes.”
In a related event, VoiceofNigeria.org.ng also learned that after a detailed discussion with President Bola Tinubu at the State House in Abuja, the Acting Governor of CBN, Folashodun Shonubi, affirmed the bank’s commitment to rolling out fresh strategies to stabilize the naira against the dollar.
Lastly, adding a significant boost to the nation’s financial strength, the Nigerian National Petroleum Limited secured an emergency loan of $3 billion this Wednesday, which is expected to further assist in naira’s stabilization