Findwhosabi News has obtained the official exchange rates for the Dollar to Naira in Nigeria, including the Bureau De Change (BDC) rate and CBN rates.
As per the data released on the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦782.79 per dollar and closed at ₦795.28 per dollar on Monday, 17th July 2023.
On 14th June 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange market. This involved collapsing all FX windows into the investors and exporters (I&E) window, as part of immediate changes to operations in the Nigerian FX market.
The CBN’s circular mentioned the abolishment of segmentation, reintroduction of the “Willing Buyer, Willing Seller” model at the I&E window, and the operational rate for government-related transactions being the weighted average rate of the preceding day’s executed transactions at the I&E window.
Furthermore, trading limits on oversold FX positions were proscribed, with permission to hedge short positions with OTC futures. Limits on overbought positions were set at zero. The circular also reintroduced order-based two-way quotes with a bid-ask spread of N1, and the reintroduction of the Order Book to ensure transparency and seamless execution of trades.
The operational hours of trades in the FX market were set from 9 am to 4 pm, Nigeria time.
These operational changes indicate a shift in Nigeria’s control of the Naira, allowing the local currency to freely float, as a free-floating exchange rate is determined solely by market forces without central bank intervention.