The official exchange rate for the dollar to Naira today has been obtained by Findwhosabi News, including the Bureau De Change (BDC) rate and CBN rates in Nigeria.
According to data released on the FMDQ Security Exchange, the Naira opened at ₦763.36 per dollar on Friday, July 14, 2023, and closed at ₦803.90 per $1 on the same day.
On Wednesday, June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange market. The CBN circular stated that all FX windows have been collapsed into the Investors and Exporters (I&E) window.
This move is part of a series of immediate changes to operations in the Nigerian FX market. The new guidelines include the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E window, allowing eligible transactions to access foreign exchange. Government-related transactions will be based on the weighted average rate of the preceding day’s executed transactions at the I&E window.
Trading limits on oversold FX positions have been proscribed, with permission to hedge short positions with OTC futures. On the other hand, overbought positions will have a limit of zero.
The operational changes also involve the reintroduction of order-based two-way quotes with a bid-ask spread of N1, the reintroduction of the Order Book for transparency of orders and seamless execution of trades, and a defined operational trading hour from 9 am to 4 pm, Nigeria time.
It’s important to note that these changes indicate Nigeria’s easing of control over the Naira, allowing the currency to freely float based on market forces.