Findwhosabi News provides the official exchange rates for the Naira to the US Dollar, including the Bureau De Change (BDC) rate and the Central Bank of Nigeria (CBN) rates for today.
As per the data released on the FMDQ Security Exchange, the official forex trading portal, the Naira’s exchange rate against the US Dollar opened at ₦764.82 per dollar on Friday, September 29, 2023, and closed at ₦755.27 per $1 on the same day.
However, it’s worth noting that in the black market, the Naira is trading as high as N1000 per Dollar. This is in contrast to the Central Bank of Nigeria (CBN) announcement regarding the unification of all segments of the foreign exchange market.
The CBN, in a circular issued on June 14, 2023, abolished segmentation in the FX market, consolidating all segments into the Investors and Exporters (I&E) window. This move reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window, allowing eligible transactions to access foreign exchange at this window.
Furthermore, the operational rate for all government-related transactions was set to be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two decimal places. The CBN also removed trading limits on oversold FX positions, permitting the hedging of short positions with OTC futures.
Other changes included the reintroduction of order-based two-way quotes with a bid-ask spread of N1, the reintroduction of an Order Book for transparency, and revised operational hours from 9 a.m to 4 p.m, Nigeria time.
These operational changes suggest that Nigeria has transitioned to a more market-driven exchange rate system, allowing the Naira to float freely based on market forces.
Further guidance on these changes will be communicated to authorized dealers and the general public by the Central Bank of Nigeria in due course.