Findwhosabi News has obtained the official dollar to naira exchange rates in Nigeria for today, including the Bureau De Change (BDC) rate and CBN rates.
Official Exchange Rate
The exchange rate between the Naira and the US Dollar, according to data released on the FMDQ Security Exchange, showed the following:
- Opening Rate (July 29, 2024): ₦1,598.41 per $1
- Closing Rate (July 30, 2024): ₦1,621.12 per $1
Black Market Rate
- Dollar to Naira (Black Market): ₦1,600 per $1
CBN’s Foreign Exchange Market Unification
The Central Bank of Nigeria (CBN) has unified all segments of the foreign exchange market into the Investors & Exporters (I&E) window as of June 14, 2023. Key points from the CBN circular include:
- Abolishment of segmentation: All segments collapsed into the I&E window.
- Applications for medicals, school fees, BTA/PTA, and SMEs: Continue to be processed through deposit money banks.
- Re-introduction of the “Willing Buyer, Willing Seller” model: Operations guided by the circular dated April 21, 2017.
- Operational rate for government transactions: Weighted average rate of the preceding day’s executed transactions at the I&E window.
- Proscription of trading limits on oversold FX positions: Permission to hedge short positions with OTC futures; limits on overbought positions set to zero.
- Re-introduction of order-based two-way quotes: Bid-ask spread of N1, with all transactions cleared by a Central Counter Party (CCP).
- Operational hours for trades: 9 a.m. to 4 p.m. Nigeria time.
These changes imply that Nigeria has moved to a free-floating exchange rate, allowing the naira’s value to be determined purely by market forces.
