Updated: September 27, 2023
Today, Findwhosabi News provides the official exchange rate for the US Dollar to the Nigerian Naira, including rates for the Bureau De Change (BDC) and the Central Bank of Nigeria (CBN).
Official Exchange Rate (FMDQ Security Exchange):
- Opening Rate: ₦771.98 per US Dollar on September 25, 2023
- Closing Rate: ₦773.25 per US Dollar on September 25, 2023
Black Market Rate:
- Currently as high as N995 per US Dollar
Despite the Central Bank of Nigeria (CBN) announcing the unification of all segments of the foreign exchange market, the Naira is trading significantly higher at the black market.
The CBN’s circular on June 14, 2023, abolished segmentation in the foreign exchange market and collapsed all segments into the Investors and Exporters (I&E) window. It also reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window, among other changes.
These operational changes imply that Nigeria has eased its control over the Naira, allowing it to float freely in the foreign exchange market. A free-floating exchange rate means that the exchange rate is determined purely by market forces, and there is no attempt by the central bank to influence its external value.
Please note that exchange rates may fluctuate, so it’s essential to check for real-time rates when conducting currency transactions.