As of today, October 15, 2023, the official exchange rate for the US dollar to the Nigerian Naira is as follows:
- According to the data from the FMDQ Security Exchange, the Naira opened at ₦770.16 per US dollar on Friday, October 13, 2023, and closed at ₦764.86 per US dollar on the same day.
However, it’s important to note that the black market exchange rate for the Naira to the US dollar is substantially higher, trading at approximately ₦1045 per US dollar. This difference in rates is significant, even though the Central Bank of Nigeria (CBN) had announced the unification of all segments of the foreign exchange market.
The CBN made several changes to the foreign exchange market, including the abolition of segmentation, collapsing all segments into the Investors and Exporters (I&E) window. Additionally, they reintroduced the “Willing Buyer, Willing Seller” model at the I&E window, with a bid-ask spread of N1. The operational hours for trades are from 9 a.m to 4 p.m, Nigeria time.
These changes in the foreign exchange market indicate that Nigeria has allowed its local currency, the Naira, to float more freely, with exchange rates determined by market forces rather than strict central bank control.