Latest CBN News and Dollar to Naira Update Today 11 September 2023 can be accessed below.
Clarification on Alleged Arrest and Detention of CBN Deputy Governor, Aisha Ahmad
A cloud of uncertainty and controversy surrounds the reported arrest of another Deputy Governor of the Central Bank of Nigeria (CBN), Aisha Ahmad, by the Department of State Security Services (DSS). This development comes on the heels of the recent arrest and subsequent release of Kingsley Obiora, Deputy Governor in charge of Monetary Policies, by the DSS.
Arrest Linked to Share Acquisition in Banks
Reports suggest that Aisha Ahmad, who oversees the apex bank’s Financial System Stability, was taken into custody by Nigeria’s secret police on Saturday, September 8, 2023. However, conflicting reports have emerged regarding the nature of her detention, with some sources indicating that she was briefly questioned and released, while others claim she was held for a longer duration.
The exact circumstances surrounding her arrest remain unclear, but it is speculated that it may be related to the ongoing issues surrounding the suspended Governor of the CBN, Godwin Emefiele.
Absence of Official Confirmation
As of now, neither the CBN nor the DSS has officially confirmed or denied these reports of her arrest, leaving the situation shrouded in uncertainty.
Aides’ Clarification on Aisha Ahmad’s Status
A statement from aides of Deputy Governor Aisha Ahmad asserts that she is presently at home with her family and not detained by the DSS. The statement emphasizes the importance of relying on verified information and underscores Ahmad’s commitment to transparency and due process.
Ongoing Investigations
It’s worth noting that several top officials of the CBN are currently under investigation in the wake of Governor Godwin Emefiele’s arrest and continued detention by the State Security Service (DSS). The investigations are part of the ongoing audit and inquiry into the activities of the apex bank.
In these challenging times, it is essential for the public to exercise discretion when evaluating news reports and to avoid engaging in unfounded rumors or misinformation. The CBN plays a crucial role in the economic stability of Nigeria, and it is imperative that the investigative process is allowed to run its course.
Decline in Nigeria’s Foreign Reserves Amidst Efforts to Defend the Naira
Nigeria’s foreign reserves have experienced a significant decline, plummeting by over $500 million in the first week of September 2023. This decline occurs in the context of ongoing efforts by the Central Bank of Nigeria (CBN) to maintain the value of the naira in the foreign exchange market.
Latest Foreign Reserve Data
As of Wednesday, September 6, 2023, Nigeria’s foreign reserves stand at $33.39 billion, marking a noteworthy decrease compared to the $33.95 billion recorded at the close of August.
Impact on Foreign Reserves
Further examination of the Central Bank of Nigeria’s data reveals that since President Bola Tinubu assumed office, foreign reserves have declined by a total of $1.85 billion. When President Tinubu took office, the CBN reported that Nigeria’s foreign reserves were at $35.25 billion on May 28, 2023.
Repayment of Outstanding Dollar Debts
It has been revealed that the CBN, under the leadership of Folashodun Shonubi, acting governor, has pledged to settle all outstanding forward contract debts owed to banks in the coming one to two weeks. While the precise amount owed was not disclosed by the CBN, a recent report by JP Morgan estimated the total forward contract debt owed by the CBN at $6.84 billion.
Foreign Reserves at a Two-Year Low
In addition, recent data from the CBN indicates that Nigeria’s foreign reserves have reached a two-year low at $33 billion. These reserves play a pivotal role in the CBN’s efforts to maintain the strength of the naira against other foreign currencies in the foreign exchange market.
The ongoing developments surrounding Nigeria’s foreign reserves underscore the challenges and complexities faced by the CBN in its pursuit of exchange rate stability and economic resilience.
Dollar to Naira Update Today 11 September 2023
Dollar to Naira Black Market Rate Today – September 11, 2023
In the dynamic realm of global finance, staying abreast of currency exchange rates is crucial for individuals and businesses alike, particularly when it comes to the Dollar to Naira exchange rate, given the economic ties between the United States and Nigeria. As of September 11, 2023, we have compiled comprehensive information on the Dollar to Naira rates across various markets, including the Black Market, Bureau De Change (BDC), and the official rates set by the Central Bank of Nigeria (CBN). This article will delve into the intricacies of these rates, offering valuable insights for your financial awareness.
1. Current Dollar to Naira Black Market Rates
Let’s kick off by addressing the most pressing query on everyone’s minds – what is the prevailing exchange rate for the Dollar to Naira in the Black Market? As of today, September 11, 2023, the Black Market rate stands at ₦924 for buying and ₦930 for selling. It’s essential to note that Black Market rates are known for their volatility, capable of fluctuating rapidly within short time frames.
1.1. Black Market Rates – September 11, 2023
On September 11, 2023, reliable sources from Bureau De Change (BDC) confirmed the following exchange rates for the US Dollar to the Nigerian Naira in the Lagos Black Market:
- 1 USD: ₦925 (Buying) / ₦930 (Selling)
- 2 USD: ₦1850 (Buying) / ₦1860 (Selling)
- 5 USD: ₦4625 (Buying) / ₦4650 (Selling)
- 10 USD: ₦9250 (Buying) / ₦9300 (Selling)
- 15 USD: ₦13875 (Buying) / ₦13950 (Selling)
- 20 USD: ₦18400 (Buying) / ₦18600 (Selling)
- 25 USD: ₦23125 (Buying) / ₦23250 (Selling)
- 50 USD: ₦46250 (Buying) / ₦46500 (Selling)
- 100 USD: ₦92500 (Buying) / ₦93000 (Selling)
- 500 USD: ₦462,500 (Buying) / ₦464,000 (Selling)
- 1000 USD: ₦925,000 (Buying) / ₦930,000 (Selling)
- 2500 USD: ₦2,312,500 (Buying) / ₦2,325,000 (Selling)
- 5000 USD: ₦4,625,000 (Buying) / ₦4,650,000 (Selling)
- 10000 USD: ₦9,250,000 (Buying) / ₦9,300,000 (Selling)
1.2. CBN Official Rates – September 10, 2023
The Central Bank of Nigeria (CBN) also plays a pivotal role in determining exchange rates. On September 11, 2023, the CBN’s official rates for the US Dollar to the Nigerian Naira were as follows:
- 1 USD: ₦753.862 (Buying) / ₦754.862 (Selling)
- 2 USD: ₦1507.724 (Buying) / ₦1509.724 (Selling)
- 5 USD: ₦3769.31 (Buying) / ₦3774.31 (Selling)
- 10 USD: ₦7538.62 (Buying) / ₦7548.62 (Selling)
- 15 USD: ₦11307.93 (Buying) / ₦11322.93 (Selling)
- 20 USD: ₦15077.24 (Buying) / ₦15097.24 (Selling)
- 25 USD: ₦18846.55 (Buying) / ₦18871.55 (Selling)
- 50 USD: ₦37693.1 (Buying) / ₦37743.1 (Selling)
- 100 USD: ₦75386.2 (Buying) / ₦75486.2 (Selling)
- 500 USD: ₦376,931 (Buying) / ₦377,431 (Selling)
- 1000 USD: ₦753,862 (Buying) / ₦754,862 (Selling)
- 2500 USD: ₦1,884,655 (Buying) / ₦1,887,155 (Selling)
- 5000 USD: ₦3,769,310 (Buying) / ₦3,774,310 (Selling)
- 10000 USD: ₦7,538,620 (Buying) / ₦7,548,620 (Selling)
2. Understanding the Fluctuations
Now that we have a clear view of the current exchange rates, let’s delve into the factors responsible for the fluctuations in these rates.
2.1. Economic Factors
The Dollar to Naira exchange rate is profoundly influenced by economic conditions. Variables like inflation, trade balances, and foreign investments wield significant impact on the Naira’s value against the Dollar.
2.2. Political Stability
Political stability is another pivotal determinant. Political events, elections, and governmental policies can introduce uncertainty, causing fluctuations in exchange rates.
2.3. Market Sentiment
Investor sentiment and market speculations can introduce short-term volatility in exchange rates. Perceptions of future economic conditions among traders are of paramount importance.
3. Managing Currency Exchange Risk
Given the inherent volatility of exchange rates, businesses involved in international trade must employ effective currency exchange risk management strategies. These strategies may include utilizing hedging instruments like forward contracts and options to mitigate the impact of unfavorable rate movements.
4. Conclusion
In conclusion, the Dollar to Naira exchange rates in Nigeria are subject to constant flux. Staying well-informed about the latest rates and comprehending the underlying drivers of these fluctuations is pivotal for making informed financial decisions.
