In a recent update, Findwhosabi News has procured the official exchange rates for the Dollar to Naira in Nigeria today, encompassing the Bureau De Change (BDC) and Central Bank of Nigeria (CBN) rates.
Official Exchange Rate According to FMDQ Security Exchange: The official exchange rate between the Naira and the US dollar, as per data from the FMDQ Security Exchange, unveiled that the Naira commenced trading at ₦- per dollar on Tuesday, February 06, 2024. The day concluded with the Naira standing at ₦1433.89 per $1 on the same date.
Discrepancies at the Black Market: Despite the Central Bank of Nigeria’s (CBN) recent announcement of the unification of all segments of the foreign exchange market, the Naira is currently trading as high as ₦1,455 per Dollar at the black market.
The CBN, in a circular issued on June 14, 2023, declared the abolition of segmentation, consolidating all segments into the Investors and Exporters (I&E) window. The circular stated, “Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.”
Additionally, the CBN reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window. Transactions in this window will be guided by the existing circular on the establishment of the window, dated April 21, 2017 (referenced FM/DIR/CIR/GEN/08/007). All eligible transactions are permitted to access foreign exchange at this window.
Furthermore, the operational rate for all government-related transactions is determined by the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places. The circular also proscribes trading limits on oversold FX positions, with permission to hedge short positions with OTC futures. Limits on overbought positions are set at zero.
Findwhosabi News will continue to monitor and provide updates on the evolving currency exchange landscape in Nigeria.