Findwhosabi News has reported the official exchange rate for the dollar to the naira today, encompassing both Bureau De Change (BDC) rates and Central Bank of Nigeria (CBN) rates. According to FMDQ Security Exchange data, the naira opened at ₦1484.37 per dollar on June 6 and closed at ₦1483.99 per dollar on June 7, 2024. However, the black market sees the naira trading as high as ₦1,490 per dollar despite CBN’s unification of forex market segments.
The CBN announced on June 14, 2023, that all foreign exchange market segments are now unified into the Investors and Exporters (I&E) window. The “Willing Buyer, Willing Seller” model is reintroduced, and all eligible transactions can access foreign exchange at this window. The operational rate for government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the I&E window.
These changes mean that Nigeria has relaxed its control over the naira, allowing it to float freely based on market forces. The CBN has also reintroduced order-based two-way quotes with a bid-ask spread of ₦1 and operational hours for trades from 9 a.m. to 4 p.m. Further guidance on these changes will be communicated to authorized dealers and the general public in due course.