Findwhosabi News has obtained the latest official exchange rate for the dollar to the naira in Nigeria. The data released on the FMDQ Security Exchange, the official forex trading portal, reveals that on Tuesday, July 11, 2023, the naira opened at ₦764.42 per dollar and closed at ₦788.42 per dollar.
The Central Bank of Nigeria (CBN) recently announced significant changes in the country’s forex exchange market. In a circular, the CBN stated that all FX windows have been merged into the investors and exporters (I&E) window. This move is part of a series of immediate changes to streamline operations in the Nigerian FX market.
Under the new system, all eligible transactions can access foreign exchange through the I&E window. Additionally, the operational rate for government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the I&E window. Trading limits on oversold FX positions have been proscribed, allowing short positions to be hedged with OTC futures.
To ensure transparency and seamless execution of trades, the order-based two-way quotes with a bid-ask spread of N1 have been reintroduced. All transactions will be cleared by a Central Counter Party (CCP), and an Order Book has been reintroduced. The operational hours for trades are from 9 am to 4 pm, Nigeria time.
These operational changes signify a loosening of control over the naira, allowing the local currency to freely float in the market. A free-floating exchange rate means that the exchange rate is determined solely by market forces, without central bank intervention.
Further guidance on these operational changes will be communicated to authorised dealers and the general public in due course.