Finfwhosabi has acquired the official exchange rate for the dollar to the naira in Nigeria today, encompassing both the Bureau De Change (BDC) rate and the rates set by the Central Bank of Nigeria (CBN).
What Is the Official Exchange Rate for Dollar to Naira Today?
According to data released on the FMDQ Security Exchange, the official forex trading platform, the Naira commenced at ₦766.82 per dollar on Friday, October 6, 2023, and concluded at ₦741.85 per $1 on the same day.
However, the Naira is currently trading at rates as high as N1000 per Dollar in the black market, despite the Central Bank of Nigeria’s (CBN) announcement of unifying all segments of the foreign exchange market.
The CBN, in a circular dated Wednesday, June 14th, 2023, stated that all FX windows were now consolidated into the Investors and Exporters (I&E) window.
The statement outlined several changes, including the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window and the calculation of operational rates for government-related transactions. Additionally, it announced the removal of trading limits on oversold FX positions, the reintroduction of order-based two-way quotes, and the reinstatement of the Order Book for enhanced transparency.
The CBN further clarified that additional guidance on these operational adjustments would be communicated to authorized dealers and the general public in due course.
These modifications signify a loosening of Nigeria’s control over the naira, allowing the local currency to float freely. In a free-floating exchange rate system, a government refrains from actively influencing the external value of the exchange rate, leaving it to be determined solely by market forces.