As of August 24, 2023, the official exchange rate between the Nigerian Naira (NGN) and the United States Dollar (USD) is as follows:
- Opening Rate: ₦781.49 per USD
- Closing Rate: ₦773.42 per USD
The Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange (FX) market, collapsing them into the Investors and Exporters (I&E) window. This move is part of a series of changes aimed at enhancing operations in the Nigerian FX market. The changes include the reintroduction of the “Willing Buyer, Willing Seller” model, operational rate guidance for government-related transactions, and the reintroduction of order-based two-way quotes, among others.
These changes suggest that Nigeria has eased its control of the Naira’s exchange rate, allowing it to be determined by market forces, which is characteristic of a free-floating exchange rate system.