Findwhosabi News has obtained the official dollar to the naira exchange rate in Nigeria today, including the Bureau De Change (BDC) rate and CBN rates.
Official Exchange Rate:
According to the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦1,627.36 per $1 on Thursday, August 1, and closed at ₦1,617.08 per $1 on Friday, August 2, 2024.
Black Market Rate:
The Naira is trading as high as ₦1,610 per Dollar in the black market, despite the Central Bank of Nigeria (CBN) unifying all segments of the foreign exchange market.
CBN Circular:
In a circular issued on June 14, 2023, the CBN announced the abolition of segmentation in the FX market, collapsing all segments into the Investors & Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks. The re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window allows eligible transactions to access foreign exchange at this window. The operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two decimal places.
The circular also includes the proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures, the re-introduction of order-based two-way quotes, and the establishment of operational hours from 9 a.m. to 4 p.m., Nigeria time.
These changes indicate that Nigeria has eased its control of the naira, allowing the local currency to float freely, with the exchange rate determined purely by market forces.
