The official exchange rate for the US dollar to the Nigerian Naira, according to data from the FMDQ Security Exchange, is as follows:
- Opening rate on Tuesday, September 20, 2023: ₦778.09 per dollar
- Closing rate on Monday, September 20, 2023: ₦770.71 per dollar
The Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange (FX) market on June 14, 2023. This included the collapse of all FX windows into the Investors & Exporters (I&E) window. The CBN also reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window and made changes to various aspects of FX market operations.
These changes imply that Nigeria has eased its control of the Naira, allowing it to float more freely against the US dollar, with exchange rates being determined by market forces.