Today’s official dollar to Nigeria currency exchange rate, as obtained from the FMDQ Security Exchange, shows the naira opening at ₦1514.31 per $1 on June 27 and closing at ₦1505.30 per $1 on June 28, 2024. Despite the Central Bank of Nigeria’s (CBN) efforts to unify all forex market segments, the Nigeria currency trades as high as ₦1,520 per dollar on the black market.
In response to market dynamics, the CBN’s circular on June 14, 2023, announced the abolition of forex market segmentation, consolidating all transactions into the Investors and Exporters (I&E) window. This move reintroduces the “Willing Buyer, Willing Seller” model, ensuring transparency and seamless trade execution within the window. The operational rate for government transactions is now based on the previous day’s weighted average rate, while trading limits on oversold FX positions have been lifted.
These changes signify Nigeria’s shift towards a free-floating exchange rate system, where the naira’s value is determined by market forces without central bank intervention.
