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Forex: Dollar To Naira Trading For Today 3rd October 2023

The official exchange rate for the US dollar to the Nigerian Naira, according to data from the FMDQ Security Exchange, reveals the following information:

  • Opening Rate on September 29, 2023: ₦764.82 per dollar.
  • Closing Rate on September 29, 2023: ₦755.27 per dollar.

However, it’s worth noting that the black market exchange rate for the Naira to the US dollar currently stands at approximately N1000 per dollar. This significant difference comes despite the Central Bank of Nigeria’s announcement regarding the unification of all segments of the foreign exchange market.

The Central Bank had issued a circular on June 14, 2023, which eliminated segmentation and combined all segments into the Investors and Exporters (I&E) window. It reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window and specified that all eligible transactions could access foreign exchange at this window.

Some key points from the circular included:

  • The operational rate for government-related transactions would be the weighted average rate of the preceding day’s executed transactions at the I&E window.
  • Proscription of trading limits on oversold FX positions, with permission to hedge short positions with OTC futures, while limits on overbought positions would be zero.
  • Reintroduction of order-based two-way quotes with a bid-ask spread of N1.
  • Reintroduction of the Order Book to ensure transparency of orders and seamless execution of trades.
  • Operational trading hours from 9 a.m. to 4 p.m. Nigeria time.

These changes indicate a shift towards a more flexible exchange rate system, where the Naira’s value is influenced by market forces, allowing it to float freely without substantial government intervention.

Please note that exchange rates can fluctuate, and it’s advisable to check with official sources or financial institutions for the most up-to-date rates before making any currency transactions.

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