As of today, August 16, 2023, the official exchange rate between the Nigerian Naira (NGN) and the US Dollar (USD) is as follows:
- Opening rate: ₦785.89 per USD
- Closing rate: ₦774.77 per USD
This information is based on data released on the FMDQ Security Exchange, which is the official forex trading portal in Nigeria.
It’s important to note that the Central Bank of Nigeria (CBN) has recently announced changes to the operations in the Nigerian FX market. The FX windows have been collapsed into the Investors and Exporters (I&E) window, and the “Willing Buyer, Willing Seller” model has been reintroduced. The operational hours for trades are from 9am to 4pm, Nigeria time.
These changes imply that Nigeria has eased its control of the Naira, allowing the exchange rate to be determined by market forces, resulting in a freer floating exchange rate system.
Please keep in mind that exchange rates can fluctuate frequently due to various factors such as economic conditions, market sentiment, and government policies. It’s advisable to check for the most up-to-date exchange rates from reliable sources before making any currency exchange transactions.