Findwhosabi News has obtained the official exchange rate for the US dollar to the Nigerian Naira today, including the Bureau De Change (BDC) rate and CBN rates.
The data released on the FMDQ Security Exchange, the official forex trading portal, shows that the Naira opened at ₦762.50 per dollar and closed at ₦776.90 per dollar on Friday, July 7, 2023.
On June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange market. In a circular, the CBN stated that all FX windows are now collapsed into the investors & exporters (I&E) window, as part of immediate changes to operations in the Nigerian FX market.
The key changes include the abolition of segmentation, reintroduction of the “Willing Buyer, Willing Seller” model at the I&E window, operational rate based on weighted average rate, proscription of trading limits on oversold FX positions, reintroduction of order-based two-way quotes, reintroduction of the Order Book for transparency, and specific operational hours for trades.
These changes indicate that Nigeria has relaxed its control over the Naira, allowing the local currency to freely float based on market forces, without central bank intervention.