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Forex: Dollar To Naira Trading For Today 2nd October 2023

Today, October 2, 2023, brings news of the official exchange rate between the US Dollar and the Nigerian Naira. According to data from the FMDQ Security Exchange, the rates stand as follows:

The opening rate for the day is ₦764.82 per US Dollar, while the closing rate settles at ₦755.27 per US Dollar.

However, it is noteworthy that despite the official exchange rate provided by the FMDQ Security Exchange, the Naira continues to trade significantly higher at the black market, where its value hovers around N1000 per US Dollar.

This persistent difference in exchange rates comes in the wake of the Central Bank of Nigeria’s (CBN) announcement regarding the unification of all segments within the foreign exchange market.

In the circular issued by the CBN on June 14, 2023, it was declared that all FX segments have been merged into the Investors and Exporters (I&E) window. This also saw the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window, with operations adhering to a pre-existing circular dated April 21, 2017.

Notable points from the CBN’s circular include:

  • The removal of FX segmentation, consolidating all segments into the Investors and Exporters (I&E) window.
  • The reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window.
  • Government-related transactions adopting the weighted average rate of the previous day’s executed transactions at the I&E window.
  • The prohibition of trading limits on oversold FX positions, while allowing the hedging of short positions with OTC futures.
  • The reintroduction of order-based two-way quotes with a bid-ask spread of N1.
  • The reinstatement of the Order Book to enhance order transparency and trade execution.
  • Operational trading hours set from 9 a.m to 4 p.m, Nigeria time.

These changes signify a shift towards a more market-driven approach, allowing the Naira’s exchange rate to be influenced by market forces rather than strict central bank control.

It is advisable to verify current exchange rates with authorized dealers or official sources before engaging in any currency transactions, as exchange rates may fluctuate.

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