As of today, November 8, 2023, the exchange rate between the Naira and the US dollar is as follows:
- Official Exchange Rate (FMDQ Security Exchange):
- Opening Rate: ₦798.00 per dollar
- Closing Rate: ₦869.91 per dollar
- Parallel Market (Black Market) Rate:
- Trading Rate: ₦1,120 per dollar
Despite the Central Bank of Nigeria (CBN) announcing the unification of all segments of the foreign exchange market, the black market rate remains significantly higher than the official exchange rate. The CBN had collapsed all FX windows into the Investors and Exporters (I&E) window, emphasizing the “Willing Buyer, Willing Seller” model at the I&E Window and other operational changes in the FX market.
This signifies a shift toward a more flexible exchange rate system in Nigeria, allowing market forces to have a greater influence on the Naira’s value. A free-floating exchange rate means that the Naira’s value is determined purely by supply and demand in the market, without significant government intervention.
Please note that exchange rates can fluctuate rapidly, and it’s advisable to check with official sources or financial institutions for the most up-to-date rates and information.