Findwhosabi News has obtained the official dollar to naira exchange rate in Nigeria for today, including the Bureau De Change (BDC) rate and Central Bank of Nigeria (CBN) rates.
As per the data released on the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦779.58 per dollar and closed at ₦777.82 per $1 on Friday, July 21, 2023.
The CBN recently announced the unification of all segments of the forex exchange market, collapsing them into the Investors and Exporters (I&E) window. This move is part of immediate changes to operations in the Nigerian FX market. The “Willing Buyer, Willing Seller” model is reintroduced at the I&E Window, and eligible transactions can access foreign exchange at this window.
Additionally, the operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window. The CBN has also proscribed trading limits on oversold FX positions and reintroduced order-based two-way quotes with a bid-ask spread of N1. All transactions shall be cleared by a Central Counter Party (CCP), and the Order Book will be reintroduced to ensure transparency and seamless execution of trades.
These changes imply that Nigeria has eased its control of the Naira, allowing the local currency to freely float, determined purely by market forces without central bank influence.