Key Points:
- Date: 17/08/2023: CBN Official Naira to Dollar Exchange Rate
- CBN releases official exchange rates for Buying and Selling Dollars and Other Currencies
- Check the official CBN exchange rate also for, EURO, POUND and other currencies.
Dollar to Naira Rate on August 17, 2023
On August 17, 2023, the Central Bank of Nigeria (CBN) provides the following official exchange rate for Dollar to Naira.
It’s important to note that the CBN does not endorse or support the parallel (black) market.
For those keen on Forex trading or transactions, consulting your bank is recommended.
The exchange rate in the parallel (black) market can vary significantly from the CBN’s official rate. The value of the USD in Nigerian Naira plays a pivotal role in influencing Nigeria’s economic landscape.
The Effect of Exchange Rate on Economy
A decline in the value of the Naira often leads to an increase in prices, a phenomenon known as inflation. This inflation has a direct impact on the everyday lives of citizens, making goods and services more expensive for them.
The Central Bank of Nigeria has emphasized the urgent need for a significant overhaul of the nation’s economy. They urge all Nigerians to play their part in this transformation, for instance, by boosting exports and increasing trade with other nations.
Black Market vs. CBN Exchange Rate
The black market, or parallel market rate, often reflects a higher value for dollars compared to the official Central Bank of Nigeria (CBN) rate.
The CBN exchange rate is a fixed rate at which one can exchange dollars for Naira, as stipulated on the official CBN website dedicated to dollar-to-naira conversions.
As noted by VoiceofNigeria.org.ng, the dollar-to-naira bank rate is the rate applied when making purchases on international websites using a Naira-based MasterCard or Debit card issued by a Nigerian bank.
In most cases, both the CBN and bank rates are more favorable than the rates in the black or parallel market
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:
Date 17/08/2023
- Buying 1 USD = 766.467
- Selling 1 USD = 767.467
Currency Exchange Rate
Below are the currency exchange rates in Nigerian Naira (NGN), categorized into “Buying,” “Central,” and “Selling” rates for each currency:
| Code | Name | Buying (₦) | Central (₦) | Selling (₦) |
|---|---|---|---|---|
| USD | United States Dollar | 766.467 | 766.967 | 767.467 |
| GBP | United Kingdom Pound | 977.552 | 978.1897 | 978.8274 |
| EUR | Euro member countries | 835.9089 | 836.4542 | 836.9995 |
| CHF | Switzerland Franc | 870.8863 | 871.4544 | 872.0225 |
| JPY | Japanese Yen | 5.2545 | 5.2579 | 5.2613 |
| XOF | Communaute Financiere Africaine BCE | 1.2874 | 1.2974 | 1.3074 |
| XAF | Communaute Financiere Africaine CFA | 1.2874 | 1.2974 | 1.3074 |
| WAU | WEST AFRICAN UNITS ACOUNTS | 1044.3883 | 1045.0696 | 1045.7509 |
| SAR | Saudi Arabia Riyal | 204.364 | 204.4973 | 204.6306 |
| DKK | Denmark Krone | 112.1533 | 112.2265 | 112.2996 |
| XDR | Special Drawing Rights | 1021.2406 | 1021.9068 | 1022.573 |
| CNY | China Yuan Renminbi | 105.0674 | 105.136 | 105.2045 |
| ZAR | South Africa Rand | 40.121 | 40.1471 | 40.1733 |
This table shows different currencies and their respective buying, central, and selling prices in Nigerian Naira (₦).
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:
- Central Bank of Nigeria (CBN): The official website of the CBN regularly publishes updated exchange rates.
- Financial News Websites: Reputable financial news websites like Bloomberg, Reuters, and CNBC provide real-time exchange rate information.
- Currency Converter Apps: Several currency converter apps are available for smartphones, allowing users to check rates on the go.
- 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.
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.
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