Today, on September 12, 2023, the official exchange rate between the Naira and the US dollar, based on data from the FMDQ Security Exchange, is as follows:
The Naira opened at ₦771.49 per dollar on Monday, September 11, 2023, and closed at ₦773.50 per US dollar on the same day.
Additionally, on June 14, 2023, the Central Bank of Nigeria (CBN) announced significant changes in the forex exchange (FX) market, including:
The unification of all FX segments into the Investors and Exporters (I&E) window.
The reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window.
The use of the weighted average rate of the preceding day’s executed transactions at the I&E window as the operational rate for government-related transactions.
The removal of trading limits on oversold FX positions and permission to hedge short positions with OTC futures.
The reintroduction of order-based two-way quotes with a bid-ask spread of N1.
The requirement for all transactions to be cleared by a Central Counter Party (CCP).
The reintroduction of the Order Book to ensure transparency of orders and seamless execution of trades.
The adjustment of operational hours for trades from 9 a.m to 4 p.m, Nigeria time.
These changes signify a shift towards a free-floating exchange rate system in Nigeria, where the exchange rate is determined by market forces without government intervention. Please note that exchange rates can fluctuate frequently, so it’s advisable to check with official sources or financial institutions for the most up-to-date rates.