As of November 15, 2023, the official exchange rate between the Nigerian Naira (NGN) and the US Dollar (USD) is as follows:
- Opening Rate: ₦793.90 per USD
- Closing Rate: ₦818.99 per USD
It’s important to note that the official exchange rate provided here is based on data released on the FMDQ Security Exchange, which is the official forex trading portal. However, despite the official rate, there is a significant disparity in the parallel or black market, where the Naira is reported to be trading as high as ₦1,130 per Dollar.
The Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange market, collapsing all FX windows into the Investors and Exporters (I&E) window. The operational changes include the reintroduction of the “Willing Buyer, Willing Seller” model, proscription of trading limits on oversold FX positions, reintroduction of order-based two-way quotes, and the reintroduction of the Order Book for transparency.
These changes imply that Nigeria has eased its control of the Naira, allowing the local currency to float freely, and the exchange rate is determined by market forces in the I&E window. The operational hours for trades are from 9 a.m to 4 p.m, Nigeria time. The CBN noted that further guidance on the operational changes would be communicated to authorized dealers and the general public.