The official exchange rate for the Dollar to Naira as of today, August 1, 2024, shows the Naira trading at ₦1608.73 per $1 according to the FMDQ Security Exchange. On July 30, 2024, the Naira opened at ₦1598.30 per $1 and closed at ₦1608.73 per $1 on July 31, 2024.
In the black market, the Naira is trading as high as ₦1,600 per Dollar despite the Central Bank of Nigeria (CBN) unifying all segments of the foreign exchange market into the Investors and Exporters (I&E) window. The CBN announced this change in a circular on June 14, 2023, aiming to simplify and streamline FX transactions.
The CBN’s circular stated that all applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks. The “Willing Buyer, Willing Seller” model was reintroduced at the I&E Window to guide operations, and all eligible transactions can access foreign exchange at this window.
Government-related transactions will use the weighted average rate of the previous day’s transactions at the I&E window, calculated to two decimal places. Trading limits on oversold FX positions have been lifted, allowing hedging of short positions with OTC futures, and the bid-ask spread is set at N1. All transactions will be cleared by a Central Counter Party (CCP), ensuring transparency and seamless execution of trades.
These operational changes mean that Nigeria has eased its control of the Naira, allowing it to float freely and be determined by market forces without central bank intervention.
