As of August 10, 2023, the official exchange rate between the Nigerian Naira (NGN) and the US Dollar (USD) was recorded as follows:
Opening Rate: ₦778.49 per USD
Closing Rate: ₦782.38 per USD
This exchange rate data is based on the information released on the FMDQ Security Exchange, which is the official forex trading portal in Nigeria.
The Central Bank of Nigeria (CBN) had announced the unification of all segments of the forex exchange market, collapsing all FX windows into the Investors & Exporters (I&E) window. This move aimed to streamline and simplify the forex exchange process. The operational changes include the reintroduction of the “Willing Buyer, Willing Seller” model, order-based two-way quotes, and the reintroduction of an order book to ensure transparency of orders and seamless execution of trades. The operational hours of trading were set from 9am to 4pm, Nigeria time.
These changes indicate a move towards a more market-driven and free-floating exchange rate system in Nigeria, where the exchange rate is determined by market forces rather than being controlled by the central bank.