As of Tuesday, September 5, 2023, the official exchange rate for the US dollar to the Nigerian Naira is as follows:
- Opening rate: ₦774.99 per dollar.
- Closing rate: ₦744.97 per dollar.
The Central Bank of Nigeria (CBN) had previously announced the unification of all segments of the foreign exchange (FX) market, collapsing them into the Investors and Exporters (I&E) window. This move is part of a series of changes to operations in the Nigerian FX market, and it includes the following key points:

- Abolishment of segmentation: All segments of the FX market are now merged into the Investors and Exporters (I&E) window. Applications for various purposes like medicals, school fees, BTA/PTA, and SMEs will continue to be processed through deposit money banks.
- Re-introduction of “Willing Buyer, Willing Seller” model: Operations in the I&E window will be guided by the existing circular on the establishment of the window, dated April 21, 2017. All eligible transactions can access foreign exchange at this window.
- Operational rate for government-related transactions: The operational rate for all government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two decimal places.
- Proscription of trading limits on oversold FX positions: There will be no trading limits on oversold FX positions, and permission is granted to hedge short positions with over-the-counter (OTC) futures. However, limits on overbought positions will be zero.
- Re-introduction of order-based two-way quotes: Bid-ask spreads will be N1, and all transactions will be cleared by a Central Counter Party (CCP).
- Reintroduction of Order Book: This is to ensure transparency of orders and seamless execution of trades.
- Operational hours: The operational hours for trades will be from 9 a.m to 4 p.m Nigeria time.
These changes indicate that Nigeria has taken steps to liberalize its currency exchange rate, allowing it to be determined by market forces. This is often referred to as a free-floating exchange rate, where the central bank does not actively intervene in influencing the external value of the currency, letting market supply and demand determine the exchange rate. Please note that exchange rates can fluctuate, so it’s essential to check the latest rates if you plan to engage in currency exchange or international transactions.