In a latest update, Findwhosabi News has acquired the official exchange rates for the Dollar to Naira in Nigeria as of today, February 18, 2024. The comprehensive data includes rates from Bureau De Change (BDC) and the Central Bank of Nigeria (CBN).
Official Exchange Rate for Dollar to Naira Today
According to data released by the FMDQ Security Exchange, the official forex trading portal, the Naira commenced trading at ₦1519.46 per dollar on Thursday, February 15, 2024. The closing rate on Friday, February 16, 2024, was ₦1537.96 per $1.
Despite the Central Bank of Nigeria’s (CBN) announcement regarding the unification of all foreign exchange market segments, the Naira is currently trading at ₦1,455 per Dollar in the black market.
CBN’s FX Market Reforms
In a circular issued on June 14, 2023, the CBN declared the collapse of all FX windows into the Investors and Exporters (I&E) window. The operational changes include the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window, where eligible transactions can access foreign exchange.
The CBN further proscribed trading limits on oversold FX positions, allowing the hedging of short positions with OTC futures. The reintroduction of order-based two-way quotes with a bid-ask spread of N1 and the implementation of a Central Counter Party (CCP) for transaction clearance were also highlighted. Additionally, the Order Book has been reintroduced to enhance transparency and seamless execution of trades during operational hours from 9 a.m to 4 p.m, Nigeria time.
The apex bank emphasized that further guidance on these operational changes would be communicated to authorized dealers and the general public in due course.
These modifications in the country’s FX market signify a shift towards a free-floating exchange rate, indicating that Nigeria has eased control over the Naira, allowing it to fluctuate based on market forces without central bank intervention.