The latest CBN News and Dollar to Naira Update – September 9, 2023, can be accessed below.

The latest news and updates from the Central Bank of Nigeria (CBN) shed light on significant developments in the Nigerian financial landscape. Here’s a breakdown of the key highlights from today’s news:

Dollar to Naira Update

As of September 9,  2023, sources from Bureau De Change (BDC) confirmed that the exchange rate for the US Dollar to the Nigerian Naira in the Lagos Black Market is N922 for buying and N927 for selling.

The full breakdown of Dollar to naira and other frequently used currency in Nigeria.

Dollars to Naira Today Black Market 09/09/2023

CBN Official Dollars to Naira Today 09/09/2023

On September 9, 2023, the Central Bank of Nigeria (CBN) exchange rate for the US Dollar to the Nigerian Naira in the Official Market is N753.862 for buying and N754.862 for selling

Latest CBN News today

CBN Investigates BDCs Selling Dollars Below N700/$

The CBN is actively investigating a Bureau de Change (BDC) operator for selling US dollars below the official exchange rate. This move is part of the ongoing efforts by the CBN to stabilize the foreign exchange (forex) market and combat illegal financial transactions. It’s worth noting that there are over 5,000 licensed BDC operators in Nigeria authorized by the CBN to buy and sell foreign currencies.

Nigerian Banks Deactivated for Failing to Remit Duties and Charges to Customs

The Nigeria Customs Service has taken action by deactivating certain banks that have failed to remit levies collected as part of their responsibilities. This decision, made by Adewale Adeniyi, the acting Comptroller-General of the Nigeria Customs Service, comes after a thorough examination in line with the NCS’ commitment. Measures are in place to minimize disruptions for importers and other stakeholders in the wake of this development.

CBN Lists Students and Others as Beneficiaries of $10 Billion Forex Demand

The CBN has announced plans to inject approximately $10 billion into the Forex Market to clear the backlog of forex demands. The acting CBN Governor, Folashodun Shonubi, emphasized that the apex bank would collaborate with commercial banks to distribute the Forex. This initiative is set to benefit a wide range of individuals and entities, including international students, manufacturers, importers, and more. The funds will be channeled to banks through the Investors and Exporters (I&E) window within two weeks.

CBN Debits Access Bank, Zenith, and Others N216 Billion in One Month

A report from the Monetary Policy Committee (MPC) reveals that the Central Bank of Nigeria (CBN) debited approximately N216 billion from commercial banks in June 2023. These deductions are related to the Cash Reserve Ratio (CRR) and were made from funds held by the banks with the CBN. Despite these deductions, the report highlights that Nigeria’s financial system remains strong and resilient.

These updates provide valuable insights into the financial landscape in Nigeria, showcasing the CBN’s efforts to ensure stability and compliance within the banking and forex sectors.

Please note that exchange rates can fluctuate frequently, and it’s advisable to check with reliable sources or financial institutions for the most up-to-date exchange rates for the Dollar to Naira.