Findwhosabi News has reported the official dollar to naira exchange rate for October 24, 2023. Here are the details:
- According to data from the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦788.49 per dollar on Monday, October 23, 2023.
- It closed at ₦793.34 per US dollar on the same day.
Naira’s Parallel Market Rate
- In contrast, the Naira is trading at a higher rate of ₦1210 per US Dollar in the black market.
CBN’s Unification of Exchange Segments
The Central Bank of Nigeria (CBN) had previously announced the unification of all segments of the foreign exchange market. The apex bank collapsed all foreign exchange segments into the Investors & Exporters (I&E) window in a circular on June 14, 2023.
This move aimed to simplify the forex market and introduce more transparency. It allowed eligible transactions to access foreign exchange at the I&E window. The operational rate for government-related transactions was determined by the weighted average rate of the preceding day’s executed transactions at the I&E window, rounded to two decimal places.
Other measures introduced included the reintroduction of order-based two-way quotes with a bid-ask spread of N1 and the reestablishment of the Order Book for transparency and seamless trade execution. The operational hours for trades were set from 9 a.m to 4 p.m, Nigeria time.
The changes signaled a shift towards a more flexible exchange rate system, where market forces have a greater influence in determining the Naira’s value in the foreign exchange market.
Please note that the Naira’s exchange rate may fluctuate, and it’s advisable to stay updated with the latest rates for financial transactions.