The US Dollar is the official currency of the United States of America and it is unarguably the most sought after foreign currency in Nigeria. Nigerians make use of the dollar for many business activities both locally and internationally.
There is need for you as a Nigerian, whether you are involved in Foreign exchange trading or not to know how the Nigerian Naira is faring against other foreign currencies such as the US Dollar in the Foreign exchange market. So, you should always try to check daily updates on the exchanges.
Now, checking the official exchange rate for the Nigerian Naira may be confusing at times. Commercial Banks in Nigeria have their own exchange rate, International Money transfer companies have their own exchange rate, Local exchanges (Popularly known as the black market or Bureau de change) have their own exchange rate and the Central Bank of Nigeria have their own exchange rate.
There are also claims that Nigeria is suffering from a major shortage of the US Dollars. The main reason for this can be traced to the fact that Nigeria imports a lot of household items from Foreign countries and they cannot pay for these imports with the Naira. They are to pay the countries with their individual home currencies making the need of Foreign currencies very high.
People normally take the official rate to be that of the Black market since it is the one that is usually readily available for them to exchange. The Central Bank exchange rate, which is the one this article is centered on is usually used by people traveling for business or tourism trips out of the country, like the religious pilgrims who travels to Mecca, Rome or Jerusalem.
This is the official CBN exchange rate of the US Dollar to the Nigerian Naira today 8th January, 2019.
CBN EXCHANGE RATE US DOLLAR TO NAIRA
BUYING: N305.9 PER US DOLLAR
SELLING: N306.9 PER US DOLLAR
If you check the CBN US Dollar to Naira exchange rate last year, you will discover that the exchange rate has not really been stable over time. This is due to the fact that Nigeria has been experiencing and currently going through some currency crisis in the Foreign exchange market. But since this year 2019, the Central Bank of Nigeria has tried to keep the exchange at a stable rate. Yet, the rate is not a favourable one for Nigerians. It has affected many Nigerians including Forex traders, Imports and exports all those who do business transaction with the US Dollar. This has made some people cut short some of their business expenses this year coupled also with the fear of the February elections affecting the currency.
The Central Bank has however promised and also taken some measures to ensure that the currency remains stable without minding the forth coming elections. One of such measures taken was the $210 million that was imputed into Forex market as reported few days ago.
With all these, there is high hopes for consumers that the Naira will perform better in the exchanges this year 2019.