Here is the Dollar to Naira exchange rate for today, 17 September 2023:
- The Naira opened at ₦776.09 per dollar.
- The Naira closed at ₦756.91 per dollar.
It’s worth noting that the Central Bank of Nigeria (CBN) recently made significant changes to the country’s foreign exchange (FX) market, including the unification of all FX windows into the Investors & Exporters (I&E) window. This move aims to streamline and simplify FX operations in Nigeria. The operational rate for government-related transactions is determined by the weighted average rate of the preceding day’s executed transactions at the I&E window. Additionally, trading limits on oversold FX positions have been proscribed, and order-based two-way quotes have been reintroduced to ensure transparency in FX trading.
These changes suggest that Nigeria is moving towards a more flexible exchange rate system, where market forces have a greater influence on the Naira’s value against the US Dollar.