CBN Naira to Dollar Exchange Rate Today 26th September 2023 can be accessed below.
GoldenNewsNg brings you the latest update on the official CBN Naira to Dollar exchange rate today, along with rates for other commonly used currencies like Pounds to Naira and Euro to Naira.
Important Notice: It’s crucial to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) for foreign exchange transactions. Individuals interested in Forex are advised to contact their respective banks before proceeding with currency exchange.
The parallel exchange rate, often referred to as the black market rate, typically differs from the CBN’s official rate. The exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) plays a significant role in the Nigerian economy.
As the Naira depreciates in value, inflation can have adverse effects on the economy, affecting the livelihoods of its citizens. The Central Bank has emphasized the need for a significant turnaround in the Nigerian economy and has called upon Nigerians to contribute by increasing exports.
It’s worth noting that the black market rate for the US Dollar is generally higher than the CBN’s official rate. The CBN exchange rate is used for official transactions involving the purchase or sale of dollars for Naira on the CBN’s official Forex platform.
CBN Naira to Dollar Exchange Rate Today:
As of Tuesday, 26th September 2023, the official CBN Dollar to Naira exchange rate stands at N784.39 according to data published by the Central Bank of Nigeria (CBN).
The official CBN exchange rate for the US Dollar to Naira, as posted on the CBN’s Currency Exchange Rate platform, is as follows:
- 1 USD = 784.39 NGN
- 1 Dollar = 784.39 Nigerian Naira
CBN Naira to Dollar Exchange Rate Today 26th September 2023
|Currency||Currency Code||Exchange Rate (USD to NGN)|
|Dollar (USD)||DOLLAR||784.39 NGN|
|Pound Sterling (GBP)||POUND||924.85 NGN|
|Euro (EUR)||EURO||801.99 NGN|
|Swiss Franc (CHF)||SWISS FRANC||829.54 NGN|
|Japanese Yen (JPY)||JAPANESE YEN||5.09 NGN|
|West African CFA Franc (XOF)||CFA FRANC||1.20 NGN|
|West African Unit of Account (WAUA)||WEST AFRICAN UNIT OF ACCOUNT||970.79 NGN|
|Chinese Yuan (CNY)||CHINESE YUAN||103.59 NGN|
|Saudi Riyal (SAR)||SAUDI RIYAL||201.93 NGN|
|South African Rand (ZAR)||SOUTH AFRICAN RAND||40.25 NGN|
These rates are applicable for official transactions and are often more favorable than those observed in the black/parallel market.
Factors Influencing Foreign Exchange Rates:
Several factors contribute to fluctuations in the Dollar to Naira exchange rate. Some of these factors include:
- Inflation Rates: Inflation directly affects black market exchange rates. Stabilizing the Nigerian economy and controlling inflation can lead to an improvement in the Naira’s value.
- Interest Rates: Changes in interest rates can impact the economy. Rising interest rates may lead to economic contraction and a weaker Naira.
- Government Debt: The national debt level can influence investor confidence and capital flow into the country. Higher inflows can strengthen the Naira.
- Speculation: Speculators can influence exchange rates by hoarding or selling currencies based on expected gains.
- Trade Conditions: Favorable trade terms can boost the Naira’s value relative to the Dollar, though Nigeria currently faces a trade deficit, importing goods from various countries, especially in Asia.
Stay informed about the latest developments in foreign exchange rates by visiting Newsone regularly. For more information or inquiries regarding the CBN Naira to Dollar exchange rate today, please feel free to use the comment box below. We are here to assist you in staying updated on this important financial matter.