Findwhosabi News has gotten the official dollar to the naira exchange rate in Nigeria today, including the Bureau De Change (BDC) rate and CBN rates.
Then is the Official Exchange Rate For Dollar To Naira Today?
The exchange rate according to the data released on the FMDQ Security Exchange, the official forex trading portal showed that the Naira opened at ₦1557.75 per $1 on Monday, July 15, and closed at ₦1576.66 per $1 on Tuesday, July 16, 2024.
The Naira is trading as high as ₦1,560 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.
“Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures. Limits on overbought positions shall be zero.
“Re-introduction of order-based two-way quotes, with bid-ask spread of N1. All transactions shall be cleared by a Central Counter Party (CCP).
“Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.
“The operational hours of trades shall be from 9 a.m to 4 p.m, Nigeria time.”
The apex noted that further guidance on the operational changes would be communicated to authorized dealers and the general public in due course.
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.
