As of November 7, 2023, the official exchange rate between the Nigerian Naira (₦) and the US Dollar ($) is as follows:
- The Naira opened at ₦780.83 per dollar on Monday, November 6, 2023.
- It closed at ₦809.02 per dollar on the same day.
However, it’s important to note that the exchange rate for the US Dollar to Naira can vary, and in the black market, it is reported to be as high as ₦1,040 per Dollar. This discrepancy occurs despite the Central Bank of Nigeria’s announcement of the unification of all segments of the foreign exchange market.
The central bank’s circular issued on June 14, 2023, abolished segmentation in the FX market, collapsing all segments into the Investors and Exporters (I&E) window. It reintroduced the “Willing Buyer, Willing Seller” model and prescribed operational changes to enhance transparency and flexibility in the FX market.
These changes imply that Nigeria has allowed the Naira to float more freely, letting market forces determine the exchange rate, which may contribute to fluctuations in the black market rates.
Please note that exchange rates can change rapidly, so it’s advisable to check with official sources or financial institutions for the most up-to-date rates before engaging in any currency transactions.