The official exchange rate for the US dollar to Nigerian Naira on July 6, 2023, was obtained by Findwhosabi News. According to data from the FMDQ Security Exchange, the Naira opened at ₦764.31 per dollar and closed at ₦742.31 per dollar on the same day.
On June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange market. The CBN stated that all FX windows have been merged into the Investors and Exporters (I&E) window. This decision is part of immediate changes to operations in the Nigerian FX market.
The new guidelines include the abolition of segmentation, reintroduction of the “Willing Buyer, Willing Seller” model, and the operational rate for government-related transactions based on the weighted average rate of the preceding day’s executed transactions at the I&E window. The CBN also introduced order-based two-way quotes with a bid-ask spread of N1, a Central Counter Party (CCP) for clearing transactions, and the reintroduction of the Order Book for transparency and seamless execution of trades.
These changes signify that Nigeria has loosened its control over the Naira, allowing the currency to freely float. A free-floating exchange rate means that the exchange rate is determined solely by market forces without central bank intervention.
The CBN will provide additional guidance on the operational changes to authorized dealers and the general public in the near future.