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Forex: Dollar To Naira Trading For Today 28th September 2023

As of September 28, 2023, the official exchange rate for the US Dollar to the Nigerian Naira is as follows:

  • According to data from the FMDQ Security Exchange, the Naira opened at ₦764.09 per US Dollar and closed at ₦755.08 per US Dollar on Tuesday, September 26, 2023.

However, it’s worth noting that the Naira is trading at a significantly higher rate of around ₦1000 per US Dollar in the black market, despite the Central Bank of Nigeria’s (CBN) announcement of unifying all segments of the foreign exchange market.

The CBN had previously collapsed all FX windows into the Investors and Exporters (I&E) window. Additionally, the CBN reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window and eliminated trading limits on oversold FX positions, among other changes. These operational adjustments signify a shift toward a more market-driven exchange rate system, allowing the Naira to float more freely in response to market forces.

Please note that exchange rates can fluctuate frequently, so it’s essential to check with authorized sources or financial institutions for the most up-to-date rates, especially if you are engaging in currency exchange or international transactions.

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