As of September 12, 2023, the official exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) is as follows:
- Opening Rate: ₦761.24 per dollar
- Closing Rate: ₦742.10 per dollar
This information was obtained from the FMDQ Security Exchange, which is the official forex trading portal in Nigeria.
It’s worth noting that the Central Bank of Nigeria (CBN) had previously announced the unification of all segments of the forex exchange (FX) market. The segmentation of the FX market had been abolished, and all segments were consolidated into the Investors and Exporters (I&E) window.
Additionally, the CBN reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window, where eligible transactions could access foreign exchange. The operational rate for all government-related transactions is determined by the weighted average rate of the preceding day’s executed transactions at the I&E window, rounded to two decimal places.
The changes to the FX market operation imply that Nigeria has adopted a more market-driven approach to its exchange rate policy, allowing the Naira to float freely based on market forces without significant government intervention. This shift aims to enhance transparency and efficiency in the foreign exchange market.