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.
Newsone Nigeria 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.
What is the CBN naira to dollar rate today?
The CBN Dollar to naira exchange rate today: The exchange rate for a dollar to naira at the official window is ₦1,591 as of Thursday, 7 March 2024, according to the data published by CBN. 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:
Dollar to Naira CBN Rate Today
The official exchange rate of the US dollar to the Nigerian naira, as of today, 7 March 2024, is ₦1,591 per US dollar.
| Dollar to Naira (USD to NGN) |
CBN Rate Today |
| Buying Rate of $1 |
₦1,590 |
| Selling Rate of $1 |
₦1,591 |
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.