CBN Official Naira To Foreign Exchange Rate Today, 7 July 2023
Thompson Nsisongabasi
Jul 07, 2023
CBN official Naira to foreign exchange rate today, 7 July 2023 can be accessed below.
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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.
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ALL FACTS NEWSPAPER 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.
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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.
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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.
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ALL FACTS NEWSPAPER 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.
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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.
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Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
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7/6/2023
US DOLLAR
759.78
760.28
760.78
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7/6/2023
POUNDS STERLING
965.0726
965.7077
966.3428
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7/6/2023
EURO
825.7289
826.2723
826.8157
7/6/2023
YEN
5.2682
5.2717
5.2751
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7/6/2023
CFA
1.2374
1.2474
1.2574
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7/6/2023
WAUA
1008.6607
1009.3245
1009.9883
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7/6/2023
YUAN/RENMINBI
104.7573
104.8267
104.8961
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7/6/2023
RIYAL
202.5216
202.6549
202.7881
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7/6/2023
SOUTH AFRICAN RAND
39.7736
39.7998
39.826
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7/6/2023
DANISH KRONA
110.8375
110.9104
110.9834
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Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.
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1 USD = 768.58 NGN
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1 Dollars = 768.58 Nigerian Naira
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The USDNGN rate as of 7 Jul 2023 at 1:41 PM
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Factors Influencing Foreign Exchange Rate
Here are some of the causes of the dwindling dollar to naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
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Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
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Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favor of the naira.
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Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
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Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
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— Thompson Nsisongabasi