Today, on October 30, 2023, Findwhosabi News brings you the latest exchange rates for the US Dollar (USD) to Nigerian Naira (NGN). We have gathered information on both the official exchange rate and rates available in the Bureau De Change (BDC) market.
Official Exchange Rate:
As per data released on the FMDQ Security Exchange, Nigeria’s official forex trading portal, the exchange rate for the Naira against the US Dollar showed that the Naira opened at ₦801.75 per dollar on Friday, October 27, 2023, and closed at ₦789.94 per $1 on the same day.
Black Market Rate:
In contrast, the Naira is trading significantly higher in the black market, reaching as high as ₦1,113 per Dollar. This is occurring despite the Central Bank of Nigeria (CBN) announcing the unification of all segments of the foreign exchange market.
The CBN’s circular dated June 14, 2023, revealed that all foreign exchange segments have been merged into the Investors & Exporters (I&E) window. The circular stated:
- Abolishment of segmentation.
- Reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window.
- Determination of operational rates for government-related transactions.
- Proscription of trading limits on oversold FX positions.
- Reintroduction of order-based two-way quotes.
- Reintroduction of Order Book to enhance transparency.
- Adjusted operational hours for trades.
These changes signify that Nigeria has taken significant steps toward allowing the Naira to float freely, in accordance with market forces, easing its control over the local currency’s exchange rate. A free-floating exchange rate regime enables market dynamics to dictate the currency’s value without central bank intervention.
Further details and guidance on these operational changes are expected to be communicated to authorized dealers and the general public in due course, signifying a potentially transformative shift in Nigeria’s foreign exchange market dynamics.
Findwhosabi News will continue to monitor this evolving situation and provide updates as developments unfold.