Naira to Dollar CBN Exchange Rate: ₦1 (NGN) to $1 (USD) Today, March 5, 2024. The Naira-to-dollar exchange rate stands as a crucial economic indicator in Nigeria, impacting the pricing of commodities and services, the worth of savings and investments, and the flow of foreign currency in and out of the country.
Numerous elements, including the dynamics of foreign currency demand and supply, governmental monetary and fiscal policies, inflation and interest rates, and global market conditions, contribute to the determination of exchange rates.
This article will delve into the Central Bank of Nigeria’s (CBN) approach to exchange rate management and provide information on the current exchange rate.
How does the CBN manage the exchange rate?
The Central Bank of Nigeria (CBN) serves as the primary monetary authority in the country, with one of its key responsibilities being the preservation of the stability of the naira and external reserves.
Under a managed float exchange rate system, the CBN permits market forces to determine the exchange rate while intervening intermittently to mitigate excessive fluctuations and uphold an optimal level of reserves.
The CBN oversees various sections of the foreign exchange market, including the official window, interbank window, bureau de change window, and the investors and exporters window. Each segment features its own exchange rate, contingent on the availability and sources of foreign currency.
What is the current exchange rate?
The present exchange rate between the US dollar and the Nigerian naira fluctuates based on the market segment and the transaction date.
- Buying: ₦1,550
- Selling: ₦1,576
Click Here to know the exchange rate of $100 in Nigeria