Findwhosabi News has reported today’s official exchange rate for the Dollar to Naira in Nigeria. This includes both the Bureau De Change (BDC) rate and the Central Bank of Nigeria (CBN) rates.
According to data from the FMDQ Security Exchange, which is the official forex trading portal, the exchange rate for the Naira and the US Dollar opened at ₦761.82 per dollar on Friday, August 18, 2023, and closed at ₦739.52 per $1 on the same day.
On June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange market. In this regard, all FX windows were consolidated into the Investors and Exporters (I&E) window. The CBN also reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window, with transactions guided by the established circular dated April 21, 2017. The operational rate for government-related transactions would be the weighted average rate of the previous day’s transactions at the I&E window.
Furthermore, trading limits on oversold FX positions were prohibited, with the permission to hedge short positions using OTC futures. Limits on overbought positions were set at zero. The CBN reintroduced order-based two-way quotes with a bid-ask spread of N1, and all transactions would be cleared by a Central Counter Party (CCP). The Order Book was reintroduced to enhance order transparency and trade execution. The trading hours were set from 9 a.m. to 4 p.m., Nigeria time.
These changes in the country’s FX market operations indicate a shift towards a free-floating exchange rate system, where market forces determine the exchange rate without central bank intervention.