Today, the official exchange rate for the dollar to the naira was obtained from FMDQ Security Exchange. On Tuesday, August 13, 2024, the naira opened at ₦1,573.54 per dollar and closed at ₦1,586.04 per dollar on Wednesday, August 14, 2024. In the black market, the dollar is trading as high as ₦1,598, despite the Central Bank of Nigeria (CBN) unifying all foreign exchange market segments.
The CBN had earlier announced the unification of FX windows in June 2023, merging all segments into the Investors and Exporters (I&E) window. The new system reintroduces the “Willing Buyer, Willing Seller” model and establishes guidelines for transparency in FX trading. The operational hours for trading are set from 9 a.m. to 4 p.m.
These changes suggest that Nigeria has relaxed its control over the naira, allowing the currency to float freely in the market. A free-floating exchange rate means the exchange rate is determined by market forces, with no intervention from the central bank.
