FindWhoSabi News has acquired the latest updates on the Dollar to Naira exchange rates for today, November 19, 2023. The official rates, including those from Bureau De Change (BDC) and the Central Bank of Nigeria (CBN), have been obtained.
Official Exchange Rate: According to data from the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦803.10 per dollar on Friday, November 17, 2023. The day’s trading concluded with the Naira closing at ₦791.75 per $1 on the same date.
Black Market Rates: Contrary to the official rates, the Naira is currently trading as high as ₦1,130 per Dollar in the black market. This is noteworthy, considering the recent announcement by the Central Bank of Nigeria (CBN) regarding the unification of all segments of the foreign exchange market.
The CBN circular issued on June 14, 2023, emphasized the abolishment of segmentation, consolidating all segments into the Investors and Exporters (I&E) window. Key points from the circular include:
- Willing Buyer, Willing Seller Model: The reintroduction of this model at the I&E Window, with operations guided by the existing circular on the establishment of the window dated April 21, 2017.
- Operational Rate for Government Transactions: The operational rate for all government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the I&E window.
- Proscription of Trading Limits: Limits on oversold FX positions with permission to hedge short positions with OTC futures. Overbought positions shall have zero limits.
- Order-Based Two-Way Quotes: Reintroduction of order-based two-way quotes, with a bid-ask spread of N1. All transactions to be cleared by a Central Counter Party (CCP).
- Reintroduction of Order Book: Ensuring transparency of orders and seamless execution of trades.
- Operational Hours: Trading hours shall be from 9 a.m to 4 p.m, Nigeria time.
The CBN’s modifications to the FX market operations indicate a relaxation of control over the Naira, allowing the local currency to freely float based on market forces.
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