CBN Official Naira To Dollar Today Exchange Rate 18th August 2023 √√ The Scoper Media 

 By Aminat Umar

 

 

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.

 

This platform reports that the 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.

It should be noted that Naira Rain Nigeria has 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 Dollar To Naira Today Exchange Rate

The CBN exchange rate of dollar to naira today, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official is as follows:

👆👆👆👆👆👆👆👆Above you can see the chart for the Nigerian Naira rate today compared to the Dollar.

Certainly, here’s the data arranged in a table format:

CODE NAME BUYING (₦) CENTRAL (₦) SELLING (₦)
USD United States Dollar 744.931 745.431 745.931
GBP United Kingdom Pound 950.4575 951.0954 951.7334
EUR Euro Member Countries 811.5278 812.0725 812.6172
CHF Switzerland Franc 848.3442 848.9136 849.483
JPY Japanese Yen 5.097 5.1005 5.1039
XOF Communaute Financiere Africaine BCE 1.2563 1.2663 1.2763
XAF Communaute Financiere Africaine CFA 1.2563 1.2663 1.2763
WAU WEST AFRICAN UNITS ACCOUNTS 1020.0313 1020.716 1021.4006
SAR Saudi Arabia Riyal 198.6271 198.7604 198.8937
DKK Denmark Krone 108.8826 108.9557 109.0287
ZAR South Africa Rand 39.096 39.1222 39.1485
CNY China Yuan Renminbi 102.1321 102.2006 102.2692
XDR Special Drawing Rights 992.0246 992.6905 993.3563

It’s evident from the data that the USD to Naira exchange rate heavily influences other currency rates, directly impacting Nigeria’s import costs.

 

1 USD = 767.6886 NGN
1 Dollars = 767.6886 Nigerian Naira
The USDNGN rate as of 18 Aug 2023 at 7:42 AM

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