Current CBN Exchange Rate in Nigeria: August 2024

In August 2024, the Central Bank of Nigeria (CBN) continues to manage exchange rates amidst economic pressures and fluctuating oil prices. The naira has experienced a mixed performance against major currencies, reflecting both internal and external economic factors. As of the latest updates, the official CBN exchange rate stands at approximately ₦1,579.89 per US dollar, slightly depreciating from previous figures. This rate contrasts with the more volatile black market, where the naira trades around ₦1,605 to ₦1,610 per US dollar.

The disparity between the official and black market rates is driven by several factors, including supply and demand dynamics, regulatory restrictions, and economic instability. The official rates are more stable but often less accessible, leading many to turn to the black market for foreign exchange needs, despite the risks involved.

Furthermore, the naira's performance against other currencies like the British pound and the euro has shown varying trends. Against the pound, the naira trades at ₦2,035.19 per pound, while against the euro, it stands at ₦1,735.85 per euro. These fluctuations are influenced by Nigeria's economic policies, global market conditions, and internal political stability.

The ongoing challenges facing the naira highlight the delicate balance the CBN must maintain to stabilize the currency while addressing the broader economic issues affecting Nigeria. The exchange rates remain a critical indicator of Nigeria's economic health, impacting everything from import costs to foreign investment.

As Nigeria navigates these complexities, the CBN's role in managing the naira's value will continue to be crucial. Economic reforms, diversification efforts, and effective policy implementation will be key to strengthening the naira and ensuring long-term economic stability.