FindWhosabi News has obtained the official exchange rate for the US Dollar to Naira in Nigeria for today, September 24, 2023, including both the Bureau De Change (BDC) rate and the Central Bank of Nigeria (CBN) rates.
Official Exchange Rate for Dollar to Naira Today:
According to data from the FMDQ Security Exchange, the official forex trading portal, the exchange rate between the Naira and the US Dollar is as follows:
Opening Rate: ₦771.07 per US Dollar on Friday, September 22, 2023. Closing Rate: ₦747.76 per US Dollar on Friday, September 22, 2023.
The Central Bank of Nigeria (CBN) made an important announcement on June 14, 2023, regarding the unification of all segments of the foreign exchange (FX) market. This move has led to several changes in the Nigerian FX market operations.
Key highlights of the CBN’s announcement include:
Abolishment of Segmentation: All segments of the FX market are now collapsed into the Investors and Exporters (I&E) window.
Continuation of Specific Transactions: Applications for medicals, school fees, BTA/PTA, and SMEs will continue to be processed through deposit money banks.
Reintroduction of “Willing Buyer, Willing Seller” Model: This model is applied at the I&E Window, and transactions in this window follow established guidelines.
Operational Rate for Government Transactions: 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, calculated to two decimal places.
Proscription of Trading Limits: Oversold FX positions can be hedged with OTC futures, while limits on overbought positions are set to zero.
Reintroduction of Order-Based Two-Way Quotes: Bid-ask spread is set at N1, ensuring transparency in transactions.
Reintroduction of Order Book: This measure enhances transparency of orders and seamless execution of trades.
Operational Hours: Trading hours are from 9 a.m to 4 p.m, Nigeria time.
These changes indicate that Nigeria has taken steps to ease control over the Naira, allowing the local currency to float more freely in the foreign exchange market. A free-floating exchange rate is determined solely by market forces, with minimal intervention by the central bank to influence the exchange rate’s external value.
Please note that exchange rates can fluctuate, so it’s advisable to check with official sources for the most up-to-date rates.