CBN Official Dollar To Naira Rate Today 17th August 2023 can be accessed below.
Key Points:
- The Central Bank of Nigeria (CBN) Official Dollar to Naira Buying and Selling Rates.
- The significant impact of the USD to Nigerian Naira exchange rate on the Nigerian economy.
- Check official CBN exchange rates for EURO, POUND, and other currencies.
Today’s Official Dollar to Naira Rate
As of August 17, 2023, the Central Bank of Nigeria (CBN) has provided the official Dollar to Naira buying and selling rates:
| Buying (NGN) | Central (NGN) | Selling (NGN) | |
|---|---|---|---|
| US DOLLAR | 766.467 | 766.967 | 767.467 |
Note: The CBN does not endorse the parallel market, also known as the black market. If you’re interested in Forex, it’s advisable to contact your bank first. The parallel exchange rate often differs from the CBN rate, and fluctuations can significantly impact Nigeria’s economy.
The Effect of Exchange Rate on Economy
When the Naira’s value goes down, it results in inflation, affecting the country’s residents. Therefore, it is crucial to work towards improving Nigeria’s economy by promoting exports and selling more goods to other countries.
Black Market vs. CBN Rate
The black market rate for dollars is usually higher than the CBN rate. The CBN exchange rate is the official rate for buying or selling dollars for Naira on the CBN website. Conversely, the dollar-to-naira bank rate, used for foreign online purchases with a Naira MasterCard or Debit card from a Nigerian bank, is generally lower than the black market rates.
Currency Exchange Rate
The exchange rate of the US Dollar to Nigerian Naira also affects other currencies, influencing the cost of importing goods and services into Nigeria.
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:
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 (₦).
