This post gives you a better insight into the CBN exchange rate in Nigeria today, covering all major foreign currencies like Dollar, Euro, Pounds Sterling, and more. Knowing the exchange rates of these foreign currencies to the Nigerian Naira is crucial to many businesses found in the country. It is also important for you to note that the Central Bank of Nigeria (CBN) has introduced a new Forex policy which helps yo add confidence to the market and also normalize the foreign exchange rates of these foreign currencies to the Naira.
Before looking at the daily updated CBN exchange rate in Nigeria today, let me, first of all, take you down memory lane of how the Nigerian currency started. There might be some helpful facts that can be beneficial to you once you go through it.
History of Nigerian Currency
The West African Currency Board was responsible for issuing currency notes in Nigeria from 1912 to 1959. Prior to the establishment of the West African Currency Board, Nigeria had used various forms of money including cowries and manilas.
On 1st July 1959, the Central Bank of Nigeria issued the Nigerian currency notes and coins and the West African Currency Board notes and coins were withdrawn. It was not until 1st July 1962 that legal tender status was changed to reflect the country’s new status. The notes were again changed in 1968 as a war strategy following the misuse of the country’s currency notes.
On 31st March 1971, the then Head of State announced that Nigeria would change to decimal currency as from 1st January 1973. The major currency unit would be called Naira which would be equivalent to ten shillings: the minor unit would be called kobo; 100 of which would make one Naira. The decision to change to decimal currency followed the recommendations of the Decimal Currency Committee set up in 1962 which submitted its report in 1964.
The change that took place in January 1973 was a major one and this involved both currency notes and coins. The major unit of currency which used to be £1 ceased to exist and the one Naira which was equivalent to 10/- become the major unit:
On 11th February 1977, a new banknote denomination of the value of 20 Naira was issued. This was special in two respects:
The N20(Twenty Naira) banknote was the highest denomination to be introduced then, and its issue became necessary as a result of the growth of incomes in the country; the preference for cash transactions and the need for convenience.
The N20 (Twenty Naira) banknote became the first currency note in Nigeria bearing the Portrait of a Nigerian citizen, in this case, the late Head of State, General Murtala Ramat Muhammed (1938-1976) who was the torchbearer of the Nigerian Revolution July 1975.
He was declared a national hero on the 1st of October,1978. The note was issued on the 1st Anniversary of his assassination as a fitting tribute to the most illustrious son of Nigeria. On 2nd July 1979, new currency notes of three denominations, namely, ( N1), (N5), and (N10) were introduced. These notes were of the same size i.e., 151 x 78 mm as the N20 note issued on the 11th February 1977. In order to facilitate identification, distinctive colours which were similar to those of the current banknotes of the various denominations were used. The notes bore the portraits of three eminent Nigerians who were declared national heroes on the 1st of October, 1978. The engravings at the back of the notes reflected the cultural aspects of the country. In 1991, both the 50k and N1 Notes were coined. In response to an expansion in economic activities and to facilitate an efficient payment system, the N100, N200, N500, N1000 were introduced in December 1999, November 2000, April 2001 and October 2005 respectively.
Now you have seen the history of the Nigerian currency, below is the list of CBN exchange rate Dollar to Naira plus other foreign hard currencies such as Pounds Sterling to Naira, Euro exchange rate to Naira and the rest. You should note that these exchange rates are being updated in real-time, this means that you can check this page periodically for the exact, current and updated CBN exchange rate of these foreign currencies to the Naira.
CBN Exchange Rate in Nigeria Today, May 2020
|SOUTH AFRICAN RAND||19.9058||19.9334||19.9611|
Some Facts About The Central Bank of Nigeria (CBN)
It is also important you get some facts about the Central Bank of Nigeria before you leave this page. I took my time to draft some useful ones as you can see below.
Past Governors of the Central Bank of Nigeria (CBN)
The past governors of the Central Bank of Nigeria are:
- (Late)Roy Pentelow Fenton Served From 7/24/1958 – 7/24/1963
- (Late)Alhaji Aliyu Mai-Bornu Served From 7/25/1963 – 6/22/1967
- (Late)Dr. Clement Nyong Isong Served From 8/15/1967 – 9/22/1975
- Mallam Adamu Ciroma Served From 9/24/1975 – 6/28/1977
- (Late)Mr. O. O. Vincent Served From 6/28/1977 – 6/28/1982
- (Late)Alhaji Abdulkadir Ahmed Served From 6/28/1982 – 9/30/1993
- Dr. Paul A. Ogwuma, OFR Served From 10/1/1993 – 5/29/1999
- Chief (Dr.) J. O. Sanusi, CON Served From 5/29/1999 – 5/29/2004
- Prof. Chukwuma C. Soludo, CFR Served From 5/29/2004 – 5/29/2009
- Mallam Sanusi Lamido Sanusi (CON) Served From 6/3/2009 – 6/2/2014
Statement of CBN Core Mandate
The mandate of the Central Bank of Nigeria (CBN) is derived from the 1958 Act of Parliament, as amended in 1991, 1993,1997,1998,1999 and 2007.
The CBN Act of 2007 of the Federal Republic of Nigeria charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government.
The objects of the CBN are as follows:
- ensure monetary and price stability;
- issue legal tender currency in Nigeria;
- maintain external reserves to safeguard the international value of the legal tender currency;
- promote a sound financial system in Nigeria; and
- act as bankers and provide economic and financial advice to the Federal Government.
Consequently, the Bank is charged with the responsibility of administering the Banks and Other Financial Institutions (BOFI) Act (1991) as amended, with the sole aim of ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system.
In addition to its core functions, CBN has over the years performed some major developmental functions, focussed on all the key sectors of the Nigerian economy (financial, agricultural and industrial sectors). Overall, these mandates are carried out by the Bank through its various departments.
That is all you need to know concerning the CBN exchange rate in Nigeria today, in regards to foreign currencies like the United States Dollars (USD), Great Britain Pounds (GBP), Euros (EUR), and other foreign currencies across the world. You can bookmark this page on your web browser so you can easily have access to exchange rates as they are updated periodically, and also subscribe to this blog for future updates on Forex.