CBN Official Dollar To Naira Rate on Aug 12, 2023

Key Points:

• The Central Bank of Nigeria Official Dollar to Naira Buying and Selling Rates
• The exchange rate between the USD and the Nigerian Naira significantly affects the Nigerian economy.
• Check the official CBN exchange rate also for, EURO, POUND and other currencies.

Dollar to Naira Rate on August 12, 2023

Today’s official Dollar to Naira rate, as given by the Central Bank of Nigeria (CBN) on August 12, 2023, is shared below.

Remember, the CBN does not support the parallel market, also known as the black market.

If you’re interested in Forex, it’s better to contact your bank first.

The parallel exchange rate or black market rate often differs from the CBN rate. How much the USD is worth in Nigerian Naira can greatly affect Nigeria’s economy.

The Effect of Exchange Rate on Economy

When the Naira’s value goes down, prices go up. This is called inflation, and it usually affects the people living in the country.

The Central Bank has said that Nigeria’s economy needs a big change. They’ve asked everyone in Nigeria to help make this happen, like by selling more goods to other countries.

Black Market vs. CBN Rate

The black market rate for dollars is often more than the Central Bank of Nigeria (CBN) rate.

The CBN Exchange rate is the amount you can buy or sell dollars for Naira on the CBN dollar-to-naira website.

According to VoiceofNigeria.org.ng, the dollar-to-naira bank rate is the amount you use when you buy something from a foreign website using your Naira MasterCard or Debit card from a Nigerian bank.

These rates are almost always lower than the black or parallel market rates.

Today’s CBN Exchange Rate

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

• Buying 1 USD = 746.449 NGN
• Selling 1 USD = 747.449 NGN

Currency Exchange Rate

Below are the currency exchange rates in Nigerian Naira (NGN), categorized into “Buying,” “Central,” and “Selling” rates for each currency:

Sure, here’s the provided information arranged in a table format:

If you need any further assistance or have any other questions, feel free to ask!

Please let me know if you need any further assistance or if you have any specific requests!

As seen from the table, the US Dollar to Nigerian Naira exchange rate affects the rates of other currencies too. This exchange rate changes frequently, influencing the cost of importing goods and services into Nigeria.

How the Exchange Rate Affects the Economy

The fluctuation of the exchange rate is a vital indicator of an economy’s health. A stronger Naira relative to foreign currencies can benefit importers as they pay less in their local currency for foreign goods and services. However, a weaker Naira can boost export competitiveness, making Nigerian products more attractive to international markets.

Impact on Import and Export Activities

A favorable exchange rate can encourage imports, as it lowers the cost of purchasing foreign goods. For Nigerian consumers, this could mean access to a broader range of products at more affordable prices. On the other hand, a weaker Naira might make imports costlier, potentially leading to a boost in local production and consumption of domestically produced goods.

For exporters, a strong Naira may pose challenges, as their products may become relatively more expensive for foreign buyers. However, a weaker Naira can enhance export opportunities, as foreign customers may find Nigerian goods more competitively priced.

How to Stay Updated with Exchange Rates

Staying updated with the latest exchange rates is crucial for businesses and individuals engaged in international transactions. Here are some reliable sources to keep track of currency exchange rates:

1. Central Bank of Nigeria (CBN): The official website of the CBN regularly publishes updated exchange rates.
2. Financial News Websites: Reputable financial news websites like Bloomberg, Reuters, and CNBC provide real-time exchange rate information.
3. Currency Converter Apps: Several currency converter apps are available for smartphones, allowing users to check rates on the go.
4. Forex Platforms: For more active traders, Forex platforms offer real-time exchange rates and currency pair trading opportunities.

FAQs

Q: How often does the CBN exchange rate change?

A: The CBN exchange rate can change frequently, sometimes even daily, depending on market conditions and economic factors.

Q: Does the CBN intervene in the foreign exchange market?

A: Yes, the CBN intervenes in the foreign exchange market to stabilize the Naira and maintain a favorable exchange rate.

Q: Can I exchange Naira for foreign currency at any commercial bank?

A: Yes, most commercial banks offer foreign currency exchange services. However, rates may vary slightly from the CBN rates.

Q: How does the exchange rate affect inflation?

A: A higher exchange rate can lead to higher inflation, as imported goods become more expensive.

Q: Does the exchange rate impact travel costs?

A: Yes, a stronger Naira can make foreign travel more affordable, while a weaker Naira can make it costlier.

Q: Can I speculate on currency exchange rates?

A: Yes, some investors engage in currency trading to profit from exchange rate fluctuations.