FindWhosabi News has obtained the latest official dollar to naira exchange rate for today, August 14, 2023. This includes the rates provided by the Bureau De Change (BDC) and the Central Bank of Nigeria (CBN).
According to data from the FMDQ Security Exchange, the official forex trading portal, the exchange rate between the Naira and the US dollar opened at ₦779.99 per dollar and closed at ₦740.60 per dollar on Friday, August 11, 2023.
On June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange market. This involved collapsing all FX windows into the investors & exporters (I&E) window.
Key changes to the FX market operations include:
Abolishment of Segmentation: All FX segments are now combined into the Investors and Exporters (I&E) window. Transactions for medicals, school fees, BTA/PTA, and SMEs will still be processed through deposit money banks.
Re-introduction of “Willing Buyer, Willing Seller” Model: The I&E Window will operate based on this model. Eligible transactions can access foreign exchange at this window.
Operational Rate for Government Transactions: The operational rate for government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the I&E window.
Trading Limits and Prohibition: Limits on oversold FX positions are now allowed to hedge short positions with OTC futures. Limits on overbought positions are set at zero.
Order-Based Two-Way Quotes: Reintroduction of order-based two-way quotes with a bid-ask spread of N1. Transactions will be cleared by a Central Counter Party (CCP).
Reintroduction of Order Book: To ensure transparency of orders and seamless execution of trades.
Operational Hours: Trading hours will be from 9am to 4pm, Nigeria time.
These operational changes indicate a shift towards a more flexible exchange rate system in Nigeria, allowing market forces to play a greater role in determining the value of the Naira against other currencies.
Please note that these developments may impact the Naira’s exchange rate, which can vary based on market dynamics.
For further updates and guidance on the changes, the CBN will communicate with authorized dealers and the public in due course.