Findwhosabi News reports the official and black market exchange rates for the Dollar to Naira in Nigeria today.
Official Exchange Rate: According to the FMDQ Security Exchange, the Naira opened at ₦1481.03 per $1 on Monday, June 10, and closed at ₦1473.66 per $1 on Tuesday, June 11, 2024.
Black Market Rate: In the black market, the Naira is trading at approximately ₦1,470 per Dollar.
Central Bank of Nigeria (CBN) Update: The Central Bank of Nigeria (CBN) has unified all foreign exchange market segments into the Investors and Exporters (I&E) window, abolishing previous segmentations. The new system reintroduces the “Willing Buyer, Willing Seller” model and mandates that all transactions be cleared by a Central Counter Party (CCP). The operational rate for government transactions will be the weighted average rate of the preceding day’s transactions at the I&E window.
These changes indicate that Nigeria has adopted a more flexible exchange rate policy, allowing the Naira to float freely based on market forces.