Findwhosabi.com News has obtained the official dollar to the naira exchange rate in Nigeria today, including the Bureau De Change (BDC) rate and CBN rates.
The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange, the official forex trading portal showed that the Naira opened at ₦1635.25 per $1 on Tuesday, October 15, 2024 and closed at ₦1659.69 per $1 on Wednesday, October 16, 2024.
However, the Naira is trading as high as ₦1,780 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.
“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).
“The operational hours of trades shall be from 9 a.m to 4 p.m, Nigeria time.”
The changes to operations in the country’s FX market imply that Nigeria has eased its control of the Nigerian currency , 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.