The official exchange rate for the dollar to the Naira on July 11, 2023, was obtained by Findwhosabi News. The data from the FMDQ Security Exchange, the official forex trading portal, revealed that the Naira opened at ₦769.00 per dollar and closed at ₦744.07 per dollar.
On June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange market. The CBN consolidated all FX windows into the investors and exporters (I&E) window, as part of immediate changes to operations in the Nigerian FX market.
According to the CBN circular, all eligible transactions can access foreign exchange at the I&E window using the “Willing Buyer, Willing Seller” model. The operational rate for government-related transactions will be based on the weighted average rate of the preceding day’s executed transactions at the I&E window.
Trading limits on oversold FX positions have been prohibited, but short positions can be hedged with OTC futures. The bid-ask spread is set at N1, and all transactions will be cleared by a Central Counter Party (CCP). The reintroduction of the Order Book ensures order transparency and seamless execution of trades.
The operational hours for trades in the Nigerian FX market are from 9 am to 4 pm.
The CBN plans to provide further guidance on these operational changes to authorized dealers and the general public.