CBN Official Naira To Foreign Exchange Rate Today, 7 July 2023

By Thompson Nsisongabasi On Jul 7, 2023

CBN official Naira to foreign exchange rate today, 7 July 2023 can be accessed below.

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.

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.

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.

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.

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.

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
7/6/2023	US DOLLAR	759.78	760.28	760.78
7/6/2023	POUNDS STERLING	965.0726	965.7077	966.3428
7/6/2023	EURO	825.7289	826.2723	826.8157
7/6/2023	YEN	5.2682	5.2717	5.2751
7/6/2023	CFA	1.2374	1.2474	1.2574
7/6/2023	WAUA	1008.6607	1009.3245	1009.9883
7/6/2023	YUAN/RENMINBI	104.7573	104.8267	104.8961
7/6/2023	RIYAL	202.5216	202.6549	202.7881
7/6/2023	SOUTH AFRICAN RAND	39.7736	39.7998	39.826
7/6/2023	DANISH KRONA	110.8375	110.9104	110.9834

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

1 USD = 768.58 NGN

1 Dollars = 768.58 Nigerian Naira

The USDNGN rate as of 7 Jul 2023 at 1:41 PM

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.

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.

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.

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.

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.