As of August 24, 2023, the official exchange rate between the Nigerian Naira (NGN) and the US Dollar (USD) is as follows:
- Opening Rate: ₦777.82 per USD
- Closing Rate: ₦771.69 per USD
This information is based on data from the FMDQ Security Exchange, which is the official forex trading portal in Nigeria.
It’s worth noting that the Central Bank of Nigeria (CBN) announced changes to the country’s forex exchange (FX) market on June 14, 2023. These changes include the unification of all FX windows into the Investors and Exporters (I&E) window, the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window, and the re-introduction of order-based two-way quotes with a bid-ask spread of N1.
These changes suggest that Nigeria has eased its control over the Naira’s exchange rate, allowing it to be determined more by market forces. This move towards a free-floating exchange rate means that the Naira’s value against the US Dollar and other currencies will be more influenced by supply and demand dynamics in the market.