As of November 8, 2023, the official exchange rate between the Nigerian Naira (NGN) and the United States Dollar (USD) is as follows:
- The Naira opened at ₦799.25 per dollar.
- The Naira closed at ₦874.71 per dollar.
It’s important to note that the Naira is trading at a much higher rate of ₦1,130 per Dollar in the black market. This discrepancy between the official rate and the black market rate is significant.
The Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange market, collapsing all FX windows into the Investors and Exporters (I&E) window. This marks a shift in the CBN’s approach and implies a more flexible exchange rate system.
The CBN has also introduced various changes in the operations of the FX market, including the re-introduction of the “Willing Buyer, Willing Seller” model, the abolition of trading limits on oversold FX positions, the re-introduction of order-based two-way quotes, and the reintroduction of an order book for transparency. These changes aim to improve the efficiency and transparency of the foreign exchange market in Nigeria.
The discrepancies between the official and black market rates may reflect various factors, including market demand and supply dynamics, currency speculation, and the effectiveness of the CBN’s measures in achieving exchange rate stability.
Please note that exchange rates can fluctuate frequently, so it’s advisable to check with reliable sources or financial institutions for the most up-to-date rates if you plan to engage in currency exchange or financial transactions.