The official exchange rate for the US dollar to the Nigerian Naira on September 5, 2023, is as follows:
- Opening rate: ₦772.06 per dollar
- Closing rate: ₦747.87 per dollar
These rates are based on data released on the FMDQ Security Exchange, which is the official forex trading portal in Nigeria.
It’s worth noting that the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange (FX) market on June 14, 2023. As part of these changes, all FX windows were collapsed into the Investors & Exporters (I&E) window. This move aimed to streamline the forex market and promote transparency. The operational rate for government-related transactions is determined based on the weighted average rate of the preceding day’s executed transactions at the I&E window. Additionally, the exchange rate is allowed to be determined by market forces in a free-floating manner.
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 exchange transactions.