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.
The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange, the official forex trading portal is ₦1627.36 per $1 on Thursday, August 01, and closed at ₦1617.08 per $1 on Friday, August 02, 2024.
The Nigerian currency is trading as high as ₦1,610 per Dollar at the black market even though the Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange market.
The operational hours of trades shall be from 9 a.m to 4 p.m, Nigeria time.”
The changes to operations in the country’s FX market imply that Nigeria has eased its control of the naira, allowing the local currency to float freely.
Meanwhile, a free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces and there is no attempt to ask the central bank to influence the external value of the exchange rate.
