CBN Official Naira to Dollar exchange rate today July 26 2023

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.

This means that if you want to buy 1 US dollar, you will need to pay 784.84 naira. And for those  who want to sell 1 US dollar, you will receive 785.84 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.

Nigerian Equities Market Witnesses Impressive Growth.

During the past week, the equities market in Nigeria experienced a bullish performance, witnessing a significant increase in the total value of listed equities, amounting to N1.33 trillion, which represents a remarkable surge of 3.89%. As a result of this surge, the market capitalization rose from N34.069 trillion in the previous week to N35.395 trillion at the close of the week. This upward trend was primarily driven by strong demand for blue-chip stocks and a notable improvement in investor sentiment.

The NGX All-Share Index (ASI) displayed an impressive growth, recording a substantial increase of 2,433.66 points during the week that ended on Friday. The index closed at 65,003.39 points, indicating a significant rise of 3.89% compared to the previous week’s closing figure of 62,569.73 points. Notably, the market reached its highest index point for the week at 65,003.39 points, underlining the positive momentum that has been driving the market.

Although there was a brief dip in the market’s lowest index point, recorded at 62,943.35 points on Monday, 17th July 2023, the market quickly rebounded and continued its upward trajectory, reinforcing the overall positive trend observed throughout the current month.

Overall, the Nigerian stock market has displayed strong performance throughout the month, with a notable increase of 6.62% in its performance. Furthermore, the market’s annual return has been impressive, reaching 26.83%. These figures reflect the resilience and growth potential of the Nigerian economy, making it an attractive investment destination for both local and international investors.

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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.