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Forex: Dollar To Naira Trading For Today 11th September 2023

Dollar to Naira Exchange Rate Update for September 11, 2023

FindWhosabi News has obtained the latest official exchange rate for the US dollar to the Nigerian Naira for September 11, 2023. This includes information on the Bureau De Change (BDC) rate and the rates provided by the Central Bank of Nigeria (CBN).

Official Exchange Rate for Dollar to Naira Today

As reported by the FMDQ Security Exchange, the official forex trading portal, the exchange rate between the Nigerian Naira and the US dollar for September 8, 2023, revealed that the Naira began the day at ₦767.83 per dollar and closed at ₦736.62 per US dollar.

On June 14, 2023, the Central Bank of Nigeria (CBN) announced a significant change in the forex exchange (FX) market by unifying all segments of it.

In a circular, the CBN declared the consolidation of all FX windows into the Investors & Exporters (I&E) window. This move is part of a series of immediate changes in the Nigerian FX market operations.

The statement issued by the CBN reads, “Abolishment of segmentation. All FX segments have now been integrated into the Investors and Exporters (I&E) window. Applications for medical expenses, school fees, Business Travel Allowance (BTA), Personal Travel Allowance (PTA), and Small and Medium-sized Enterprises (SMEs) will continue to be processed through deposit money banks.

“The ‘Willing Buyer, Willing Seller’ model is reintroduced in the I&E Window. All transactions in this window will be conducted in accordance with the existing circular on the establishment of the window, dated April 21, 2017, and referenced as FM/DIR/CIR/GEN/08/007. All eligible transactions can access foreign exchange at this window.

“The operational rate for all government-related transactions will be the weighted average rate of the previous day’s executed transactions at the I&E window, calculated to two decimal places.

“Trading limits on oversold FX positions are proscribed, with permission to hedge short positions using OTC futures. There will be zero limits on overbought positions.

“The reintroduction of order-based two-way quotes, with a bid-ask spread of N1. All transactions will be cleared by a Central Counter Party (CCP).

“The Order Book is reintroduced to ensure transparency of orders and seamless execution of trades.

“The operational hours for trades will be from 9 a.m. to 4 p.m., Nigeria time.”

The CBN has indicated that further guidance on these operational changes will be communicated to authorized dealers and the general public in due course.

These adjustments in the operations of Nigeria’s FX market signal a relaxation of the government’s control over the Naira, allowing it to freely fluctuate in response to market forces. A free-floating exchange rate means that the government no longer intervenes in determining the external value of the currency, leaving it to be determined solely by market dynamics.

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