The Central Bank of Nigeria (CBN) is the highest monetary authority of Nigeria
Central Bank of Nigeria also known as the cbn was established by the CBN Act of 1958 and it commenced operations on July 1, 1959. In 1991, 1993, 1997, 1998, 1999, and 2007 the CBN Act was amended.
Who is the Governor of Central Bank of Nigeria
Godwin Emefiele – a Nigerian economist – has been serving as the Governor of the Central Bank of Nigeria since June 4, 2014. Emefiele who is a native of Ika south local Government in Delta state was born on August 1961 in Lagos state.
Functions of CBN
The CBN is the main institution responsible for the distribution of currency within Nigeria. So, it is important to know its function.
- The Central Bank of Nigeria ensures the stability of the monetary and price value of the Naira.
- CBN is also responsible for the issuance of legal tender within Nigeria.
- The institution promote a sound financial system within the country.
- This institute also protect the international value of the naira by maintaining external reserves.
- Lastly, they act as a banker to the Federal Government of Nigeria, providing them with economic and financial advice.
Central Bank of Nigeria Exchange Rate
Currency exchange rates in NGN on October 26, 2020
|Highest ₦380.00 on 09/09/2020|
Lowest ₦306.9 on 12/02/2020
US Dollar to Naira CBN – Central Bank of Nigeria Rates
The US Dollar rate according to CBN as at today, September 04, 2020 is ₦380.00. The Dollar started off with ₦380.00 on Monday, September 07 2020, as published by CBN on their website. This signifies no change for the US Dollar to Naira exchange rate this week.
Taking a look at the whole month, we observe that the USD to naira exchange rate started off with ₦380.00 on September 1, 2020. With the dollar set at ₦380.00 currently, we observe no change for the US Dollar to naira exchange rate this month.
Monthly average Exchange rate of the Naira
To get the monthly average exchange rate of the Naira against the USD as announced by CBN, you can check here for the full report.