Findwhosabi News has obtained the latest information on the exchange rate between the US dollar and the Nigerian Naira. This includes the Bureau De Change (BDC) rate and the rates provided by the Central Bank of Nigeria (CBN).
The official data released on the FMDQ Security Exchange, the designated 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.
In a recent circular, the CBN announced the unification of all segments of the forex exchange market, with the investors and exporters (I&E) window becoming the sole platform. This move is part of the CBN’s immediate changes to operations in the Nigerian forex market.
The circular states that all segments have been collapsed into the I&E window, while applications for medical expenses, school fees, BTA/PTA, and SMEs will continue to be processed through deposit money banks. The “Willing Buyer, Willing Seller” model is reintroduced at the I&E window, and the operational rate for government-related transactions will be based on the weighted average rate of the preceding day’s executed transactions.
The CBN also proscribes trading limits on oversold FX positions, allows hedging of short positions with OTC futures, reintroduces order-based two-way quotes with a bid-ask spread of N1, and reinstates the Order Book for transparent orders and seamless trade execution.
The operational hours for trades will be from 9am to 4pm Nigeria time. The CBN has indicated that further guidance on the operational changes will be communicated to authorized dealers and the general public in due course.
These changes in Nigeria’s FX market signify a shift towards a free-floating exchange rate system, where the value of the Naira is determined by market forces without intervention from the central bank.