In the foreign exchange market, the Nigerian Naira’s exchange rate against the US Dollar has been a topic of interest. According to data released on the FMDQ Security Exchange, the official forex trading portal, the Naira’s exchange rate stood at ₦773.25 per US Dollar on Monday, September 25, 2023.
However, it’s worth noting that in the parallel or black market, the Naira is trading at a much higher rate, currently around ₦993 per US Dollar. This discrepancy reflects the ongoing fluctuations and challenges in Nigeria’s foreign exchange market.
The Central Bank of Nigeria (CBN) recently made significant changes to the country’s FX market. These changes include the unification of all FX segments into the Investors and Exporters (I&E) window, as well as the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E window.
Furthermore, the CBN has allowed the Naira to have more flexibility in its exchange rate, reflecting a shift towards a free-floating exchange rate system. This means that market forces will have a greater influence on the Naira’s exchange rate, rather than strict government control.
These changes aim to promote transparency and align Nigeria’s foreign exchange market with global standards. It’s important to note that exchange rates can fluctuate, and the rates mentioned are based on the specified date.