Get the latest scoop on the Dollar to Naira exchange rate for August 13, 2023, right here at Findwhosabi News. We’ve got the official rates, including both Bureau De Change (BDC) and CBN rates.
Official Exchange Rate – Dollar to Naira:
According to data from the FMDQ Securities Exchange, the official forex trading portal, the Naira kicked off at ₦779.99 per dollar on August 11, 2023. It wrapped up the day at ₦740.60 per $1 on the same date.
CBN’s Forex Market Unification:
On June 14, 2023, the Central Bank of Nigeria (CBN) shook up the forex exchange (FX) market. They streamlined all FX windows into the Investors & Exporters (I&E) window. This change aims to simplify operations in Nigeria’s FX market.
Key Changes Include:
Unified Window: All FX segments now merge into the Investors and Exporters (I&E) window. Transactions like medicals, school fees, BTA/PTA, and SMEs will still go through deposit money banks.
Willing Buyer, Willing Seller: This model returns to the I&E Window. Transactions will follow the established circular from April 21, 2017. Eligible transactions can access foreign exchange through this window.
Operational Rate: Government transactions will use the weighted average rate of the previous day’s I&E window transactions.
No Trading Limits: Oversold FX positions can be hedged with OTC futures. Overbought positions face zero limits.
Transparent Trades: Order-based two-way quotes are back, with a N1 bid-ask spread. All trades will clear through a Central Counter Party (CCP).
Order Book: Transparency gets a boost with the reintroduction of the Order Book for seamless trade execution.
Trading Hours: Trading will happen from 9am to 4pm, Nigeria time.
These changes signal Nigeria’s move towards a freer Naira, allowing market forces to determine the exchange rate. In simple terms, it’s a step towards letting the currency find its own value in the external market.
Stay tuned for more updates as we keep you informed on all things finance and forex!