Today, Findwhosabi News brings you the official exchange rate for the Dollar to Naira in Nigeria. The data obtained from the FMDQ Security Exchange, the official forex trading portal, reveals that on Wednesday, July 12, 2023, the Naira opened at ₦775.75 per dollar and closed at ₦782.49 per dollar.
Important Changes in the Forex Market
The Central Bank of Nigeria (CBN) recently announced significant changes in the forex exchange market. All FX windows have been unified into the Investors and Exporters (I&E) window. Transactions such as medicals, school fees, BTA/PTA, and SMEs will now be processed through deposit money banks.
The “Willing Buyer, Willing Seller” model has been reintroduced at the I&E window, allowing eligible transactions to access foreign exchange. Government-related transactions will be based on the weighted average rate of the previous day’s executed transactions at the I&E window.
Furthermore, oversold FX positions can hedge short positions with OTC futures, while overbought positions are restricted to zero limits. Order-based two-way quotes have been reintroduced, with a bid-ask spread of N1. Trades will be cleared by a Central Counter Party (CCP), ensuring transparency and seamless execution.
The reintroduction of the Order Book aims to enhance order transparency and trade execution. Trading hours will be from 9 am to 4 pm (Nigeria time).
These changes by the CBN aim to streamline and improve operations in the Nigerian FX market.