CBN Official Naira To USD Rate Today, 7 July 2023 can be accessed below.
IMPORTANT NOTICE: Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.
GoldenNewsNg reports that parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the USD and the Nigerian Naira significantly impacts the Nigerian economy.
As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.
The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website.
Golden News reports that the dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those on the black/parallel market.
CBN official Naira to foreign exchange rate today…
The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
|---|---|---|---|---|
| 7/5/2023 | US DOLLAR | 755.6 | 756.1 | 756.6 |
| 7/5/2023 | POUNDS STERLING | 960.9721 | 961.608 | 962.2439 |
| 7/5/2023 | EURO | 821.7906 | 822.3344 | 822.8782 |
| 7/5/2023 | SWISS FRANC | 841.6128 | 842.1697 | 842.7267 |
| 7/5/2023 | YEN | 5.2309 | 5.2343 | 5.2378 |
| 7/5/2023 | CFA | 1.2164 | 1.2264 | 1.2364 |
| 7/5/2023 | WAUA | 991.4389 | 992.0949 | 992.751 |
| 7/5/2023 | YUAN/RENMINBI | 104.2198 | 104.2892 | 104.3586 |
| 7/5/2023 | RIYAL | 201.4396 | 201.5729 | 201.7062 |
| 7/5/2023 | SOUTH AFRICAN RAND | 40.1902 | 40.2168 | 40.2434 |
Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.
| 1 USD = 777.58 NGN |
| 1 Dollars = 777.58 Nigerian Naira |
| The USDNGN rate as of 7 Jul 2023 at 9:30 AM |