Stay informed with the latest CBN official exchange rates for the Dollar, Pound, and Euro against the Naira as of November 25, 2023. Find accurate and updated financial insights for savvy economic decisions.
The Central Bank of Nigeria (CBN) plays a crucial role in maintaining the financial stability of the country. As of today, November 25, 2023, the CBN has released updated official exchange rates that are pivotal for the Nigerian economy, especially for key currencies such as the US Dollar, British Pound, and Euro.
Note: The CBN does not recognize parallel market rates. Individuals should consult their banks for any foreign exchange (Forex) requirements.
Understanding CBN’s Exchange Rates
The CBN’s rates often differ from those found in the parallel market, and these figures significantly influence Nigeria’s economic landscape. A depreciation in the Naira typically results in increased costs within Nigeria, affecting both businesses and consumers.
The CBN is committed to fostering a stronger economy and urges Nigerian enterprises to contribute by increasing exports.
Exchange Rates as per CBN
Today’s official rates for some of the most traded currencies are as follows:
- Dollar to Naira: Official rate is 805.608
- Pound to Naira: Official rate is approximately 1014.4216
- Euro to Naira: Official rate is approximately 880.449
These rates reflect buying, selling, and the mean rates.
Today’s Exchange Rate Chart: Naira to Dollar, Pound, Euro
|Code||Buying (₦)||Central (₦)||Selling (₦)|
Dollar to Naira News Today 25 November 2023
Naira Depreciation: New FX Laws and Guidelines Coming, Says CBN Governor
The Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso, announced that the central bank will soon introduce new foreign exchange laws and guidelines to deal with the falling value of the Naira and stabilize the exchange rate. This means they want to make sure the Naira doesn’t lose its value too quickly.
The CBN will also ask banks to have more money in reserve to support Nigeria’s goal of becoming a $1 trillion economy. It’s like saving more money in your piggy bank to reach a big financial goal.
Cardoso made these statements during a speech at a bankers’ event in Lagos. He also mentioned that the CBN will create new rules for fintech companies and payment banks. If these companies do things outside of their rules, they will face penalties.
To control rising prices, Cardoso said the CBN will limit how much money is in circulation for the next six months. They will also sell government bonds to take extra money out of the banking system.
In his words, Cardoso said, “We want to make sure prices are stable, the economy is growing, the Naira’s value is steady, and it’s easy to borrow and invest in businesses. To do this, we need clear rules for money markets and foreign exchange. We’ll talk to banks and foreign exchange market players before making any new rules.”
He also said, “We need to check if our banks have enough money to support a $1 trillion economy in the future. Right now, it doesn’t look like they do. So, we will ask banks to have more money.”
Talking about fintech companies, he mentioned, “Technology will keep helping us with banking and making financial services available to more people. But we need better rules for fintech companies. Some of them are doing things they shouldn’t. If they break the rules, they will face punishments. We will also make new rules that fit the tech-driven payment industry.”