As of November 13, 2023, Findwhosabi News has obtained the official exchange rates for the Dollar to Naira in Nigeria, including rates from both Bureau De Change (BDC) and Central Bank of Nigeria (CBN).
The official exchange rate data released on the FMDQ Security Exchange, the official forex trading portal, indicates that the Naira opened at ₦813.30 per dollar on Friday, November 10, 2023, and closed at ₦780.14 per $1 on the same day.
Despite the official rates, the Naira is trading higher at ₦1,130 per Dollar in the black market. This is noteworthy, considering the Central Bank of Nigeria’s announcement to unify all segments of the foreign exchange market. The apex bank issued a circular on June 14, 2023, collapsing all FX windows into the Investors and Exporters (I&E) window.
The circular outlined several operational changes, including the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window, the abolition of segmentation, and the re-introduction of order-based two-way quotes with a bid-ask spread of N1. Additionally, the operational hours of trades were set from 9 a.m to 4 p.m, Nigeria time.
The Central Bank of Nigeria’s decision to ease its control of the Naira suggests a move towards a free-floating exchange rate system, where the exchange rate is determined by market forces without central bank intervention. Further guidance on the operational changes is expected to be communicated to authorized dealers and the general public in due course.