The official exchange rate for the Nigerian Naira against the US Dollar today, 10 July 2023, is as follows:
According to data from the FMDQ Security Exchange, the Naira opened at ₦762.50 per dollar and closed at ₦776.90 per dollar on Friday, 7 July 2023.
The Central Bank of Nigeria (CBN) recently announced the unification of all segments of the foreign exchange market, collapsing them into the investors and exporters (I&E) window. This move is part of a series of immediate changes to operations in the Nigerian FX market.
Among the changes, the CBN reintroduced the “Willing Buyer, Willing Seller” model at the I&E window and abolished segmentation. Transactions in this window are guided by the extant circular on the establishment of the window.
The operational rate for all government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two decimal places. Trading limits on oversold FX positions have been proscribed, and short positions can be hedged with OTC futures.
Additionally, order-based two-way quotes have been reintroduced, with a bid-ask spread of N1. All transactions will be cleared by a Central Counter Party (CCP), and an Order Book has been reintroduced for transparent orders and seamless execution of trades. The operational hours for trades are from 9 am to 4 pm, Nigeria time.
These changes indicate that Nigeria has adopted a free-floating exchange rate system, allowing the value of the Naira to be determined by market forces without central bank interference.
Further guidance on the operational changes will be communicated to authorized dealers and the general public in due course.
Please note that the exchange rate may fluctuate, and it is advisable to consult reliable sources for real-time updates.
Source: Adapted from Findwhosabi News – “What Is The Official Exchange Rate For Dollar To Naira Today?”