As of October 21, 2023, the official exchange rate between the Nigerian Naira (₦) and the US Dollar ($) according to data released on the FMDQ Security Exchange is as follows:
- Opening rate: ₦789.89 per dollar
- Closing rate: ₦808.27 per dollar
However, it’s important to note that there is a significant disparity between the official exchange rate and the rate in the black market. The Naira is trading as high as ₦1170 per Dollar in the black market, even though the Central Bank of Nigeria (CBN) had previously announced the unification of all segments of the foreign exchange market.
The CBN collapsed all FX windows into the Investors and Exporters (I&E) window, and certain operational changes were introduced in the country’s FX market, indicating a more flexible exchange rate system. This means that the Naira’s exchange rate in the official market is more controlled and regulated, while the black market rate is influenced by market forces and may reflect supply and demand dynamics.
Please note that exchange rates can fluctuate, and it’s essential to verify the most current rates if you are planning any currency exchange or financial transactions.