Latest CBN News and Dollar to Naira Update Today 13 September 2023 can be accessed below.
Stay updated with the latest CBN directives and Naira to Dollar exchange rates as of September 13, 2023. Get insights into banking sector regulations and discover how the Naira is performing against the Dollar
Here are the latest updates on the Central Bank of Nigeria (CBN) and the Dollar to Naira exchange rate for today, September 13, 2023:
Latest CBN News
1. CBN Stops Banks from Utilizing Naira Devaluation Gains
The CBN has directed deposit money banks (DMBs) to refrain from using gains resulting from the revaluation of the naira to pay dividends or fund their operations. This decision follows a review of the foreign exchange (FX) regime change, which revealed that banks could profit significantly from the policy by increasing the naira value of their foreign currency (FCY) assets and liabilities. The directive was issued in a letter titled ‘Impact of Recent FX Policy Reforms: Prudential Guidance to the Banking Sector’ dated September 11, 2023.
2. Naira Falls to N773.50 Per Dollar
The naira experienced a decline, opening negatively with a drop of approximately 7.1% at the formal market. It closed at N773.50 per dollar at the Investors and Exporters (I & E) window, compared to N736.62 in the previous session. The open indicative rate concluded at N771.49 per dollar. The highest spot exchange rate recorded during the day’s trading was N804.15 per dollar, settling at N773.50. The naira also traded at a low of N722.39 per dollar with a turnover of $37.86 million.
3. New CBN Circular Stops Banks from Spending Gains Made from Forex Revaluation
In a move to strengthen the Nigerian banking sector amidst volatile foreign exchange rates, the CBN has issued a new circular preventing banks from recklessly spending profits resulting from forex revaluation. Many Nigerian banks reported substantial profits in their half-year results, mainly due to the depreciation of the naira following the unification of exchange rate windows. The CBN is concerned that banks might be tempted to spend these profits, making them vulnerable if the exchange rate strengthens. The circular mandates banks to set aside their foreign currency revaluation gains as counter-cyclical buffers, which cannot be used for dividend payouts or operating expenses.
4. Fact Check: Altered Video Claims Tinubu Plans to Abolish Naira, Introduce Dollar
A video circulating on TikTok purportedly shows President Bola Tinubu discussing plans to “abolish” Nigeria’s currency, the naira, in favor of the dollar. However, this claim is false. Investigation reveals that the video was digitally manipulated, and there is no authentic video or statement from President Tinubu regarding such plans. Arise News has also distanced itself from the video, stating that it is a deep fake video created by fake news peddlers.
Dollar to Naira Update Today
Dollar to Naira Black Market Exchange Rate Today – September 13, 2023
The Dollar to Naira black market exchange rate for today, September 13, 2023, stands at:
- Buying Rate: ₦924
- Selling Rate: ₦927
Please note that black market rates can vary in different regions of Nigeria. It is essential to stay updated on the latest rates when dealing in foreign exchange.
The Central Bank of Nigeria (CBN) official rates are as follows:
- Selling Rate: ₦771
- Buying Rate: ₦770
Over the past week, there has been a reduction in the CBN’s exchange rates.
CAD to Naira Black Market Rate
Canadian Dollars are currently sold at ₦800 and bought at ₦775, although they are not listed on the official currency page of the Central Bank of Nigeria.
Naira to Dollar Black Market Rate
When buying dollars from BDC operators or Abokis, it’s important to note the buying rate provided in the table above. For instance, if you wish to obtain 300 dollars from BDC operators, you would need ₦277,200, which is higher than the amount indicated in the table.
In conclusion, as of September 13, 2023, there has been a decline in the black market exchange rates and an increase in the CBN rates. Exchange rates can fluctuate, so it’s advisable to stay informed and check local rates in your area.
If you have any questions or want to share the exchange rate in your region, please leave a comment below.
