Findwhosabi News provides the official dollar to naira exchange rates for today, November 15, 2023. The data is sourced from the FMDQ Security Exchange, the official forex trading portal.
- Official Exchange Rate (FMDQ):
Opening Rate: ₦797.00 per dollar
Closing Rate: ₦850.22 per dollar - Black Market Rate:
Currently trading at ₦1,130 per Dollar despite the Central Bank of Nigeria’s announcement of the unification of all forex market segments.
The Central Bank of Nigeria (CBN) issued a circular on June 14, 2023, collapsing all FX windows into the Investors and Exporters (I&E) window. The circular included the re-introduction of the “Willing Buyer, Willing Seller” model, prescription of trading limits, and order-based two-way quotes, promoting transparency.
Notably, the changes imply a shift towards a free-floating exchange rate system, where market forces determine the currency’s external value. The operational hours for trades are from 9 a.m to 4 p.m, Nigeria time, with further guidance promised to be communicated in due course.