FindWhosAbi News has obtained the latest official exchange rates for the Dollar to Naira in Nigeria for today, September 25, 2023, encompassing the Bureau De Change (BDC) rates and Central Bank of Nigeria (CBN) rates.
Official Dollar to Naira Exchange Rate for Today
According to data released on the FMDQ Security Exchange, the official forex trading portal, the exchange rate between the Naira and the US Dollar displayed that the Naira began the day at ₦771.07 per dollar on Friday, September 22, 2023, and closed at ₦747.76 per $1 on the same day.
However, despite the Central Bank of Nigeria (CBN) announcing the unification of all segments of the foreign exchange market, the Naira is currently trading as high as N980 per Dollar in the black market.
The apex bank issued a circular on Wednesday, June 14, 2023, stating that all FX windows have been consolidated into the Investors and Exporters (I&E) window. The circular mentioned:
- Abolishment of segmentation: All segments are now merged into the Investors and Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs will continue to be processed through deposit money banks.
- Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. Transactions in this window shall follow the existing circular dated April 21, 2017, referenced FM/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window.
- 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.
- Prohibition of trading limits on oversold FX positions with permission to hedge short positions with OTC futures. There will be no limits on overbought positions.
- Re-introduction of order-based two-way quotes, with a bid-ask spread of N1. All transactions shall be cleared by a Central Counter Party (CCP).
- Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.
- The operational hours of trades shall be from 9 am to 4 pm, Nigeria time.
The apex bank also noted that further guidance on these operational changes would be communicated to authorized dealers and the general public in due course.
These changes in the country’s FX market imply that Nigeria has relaxed its control over the Naira, allowing the local currency to freely fluctuate. In essence, this signifies a move towards a free-floating exchange rate, where the exchange rate is determined solely by market forces, without government intervention to influence its external value.