The Central Bank of Nigeria (CBN) publishes the daily exchange rate of the Nigerian naira to the US dollar. This information is crucial for businesses and individuals who need to convert between the two currencies.
As of July 13, 2023, the latest data from the Central Bank of Nigeria (CBN) exchange rate for the Nigerian naira to the US dollar is as follows:
- Buying rate: 776.50 naira per US dollar
- Selling rate: 777.50 naira per US dollar
These rates, effective as of today, play a significant role in facilitating financial transactions and conversions between the Nigerian naira and the US dollar. It is important to note that exchange rates may fluctuate in response to market conditions and other factors.
This means that if you want to buy 1 US dollar, you will need to pay 776.50 naira. And if you want to sell 1 US dollar, you will receive 777.50 naira.
The exchange rate can fluctuate from day to day, so it is important to check the CBN website for the latest rates before making any transactions.
Read Also Naira to Dollar black market exchange rate today, July, 2023
FBN Holdings’ Losses Impact Nigerian Capital Market, Wiping Off N883.39 Billion.
The Nigerian capital market experienced a significant downturn on Wednesday, with FBN Holdings accounting for losses amounting to N883.39 billion. This decline caused the market capitalization to drop from N35.75 trillion to N34.87 trillion after five hours of trading. The All-Share Index also experienced a dip, falling by 1,622.36 basis points to close at 64,046.93 compared to Tuesday’s figure of 65,669.29.
Investors participated in trading 1.63 billion shares valued at N12.69 billion through 13,878 deals on Wednesday, surpassing the previous day’s figures of 844.71 million shares worth N9.41 billion traded in 8,922 deals.
Among the gainers, Deap Capital’s share value rose by 10 percent, Courtville gained 10 percent, Gold Breweries increased by N0.24 kobo, TIP’s share price went up by 9.80 percent, and Morison recorded a N0.23 kobo rise in share price.
On the other hand, Tantalizer topped the losers’ list with a 10 percent drop, FBN Holdings’ share price declined by N2.15 kobo, Academy lost N0.25 kobo, Transcorp’s share dropped by N0.47 kobo, and Veritas Kapital experienced a 10 percent loss.
UBA led the day’s trading with 177.79 million shares valued at N2.44 billion, followed by Japaul Gold with 110.25 million shares worth N147.74 million. Transcorp, FCMB, and Access Corp also saw significant trading volumes.
Overall, the market experienced a substantial decline driven by the losses in FBN Holdings, resulting in a decrease in market capitalization and the All-Share Index.
Here are some of the factors that can affect the CBN exchange rate between the Nigerian naira and the US dollar:
- Demand and supply: If there is more demand for the US dollar than there is supply, the exchange rate will go up. Conversely, if there is more supply of the US dollar than there is demand, the exchange rate will go down.
- Economic factors: The state of the Nigerian economy and the US economy can also affect the exchange rate. For example, if the Nigerian economy is doing well, the naira will be more valuable. Conversely, if the Nigerian economy is doing poorly, the naira will be less valuable.
- Political factors: Political instability in Nigeria or the US can also affect the exchange rate. For example, if there is a coup in Nigeria, the naira will likely lose value.
If you are planning to travel to Nigeria or the US, it is important to factor in the exchange rate when budgeting for your trip. You can use a currency converter to get an estimate of how much your money will be worth in the other currency.
You can also check the CBN website for the latest exchange rates. The website also has a currency converter that you can use.
I hope this cbn exchange rate us dollar to naira post has been helpful. If you have any questions, please feel free to leave a comment below.
