CBN Official Dollar To Naira Exchange Rate Today 19th August 2023

CBN Official Dollar To Naira Exchange Rate Today 19th August 2023 can be accessed below.

GoldenNewsNg has provided an update on the Official Dollar to Naira exchange rate today, which also includes exchange rates of Pounds to Naira, Euro to Naira, and more popular currencies used by Nigerians

Today’s Official Dollar to Naira Rate

As of August 19, 2023, the Central Bank of Nigeria (CBN) has provided the official Dollar to Naira buying and selling rates:

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 the Nigerian Naira also affects other currencies, influencing the cost of importing goods and services into Nigeria.

CBN Official Dollar To Naira Exchange Rate Today 19th August 2023