As of August 14, 2023, the official exchange rate between the Nigerian Naira (NGN) and the United States Dollar (USD) is as follows:
- Opening Rate: ₦781.49 per USD
- Closing Rate: ₦744.41 per USD
The Central Bank of Nigeria (CBN) recently made changes to the operations in the foreign exchange (FX) market, unifying all segments of the FX market into the Investors and Exporters (I&E) window.
The CBN reintroduced the “Willing Buyer, Willing Seller” model, allowing eligible transactions to access foreign exchange at this window.
The operational rate for government-related transactions is based on the weighted average rate of the preceding day’s executed transactions at the I&E window.