Findwhosabi News has obtained the official dollar to naira exchange rates in Nigeria today, covering both the Bureau De Change (BDC) rates and Central Bank of Nigeria (CBN) rates.
What Is The Official Exchange Rate for Dollar to Naira Today?
According to data released on the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦960.58 per dollar on Thursday, January 11, 2024, and closed at ₦874.79 per $1 on Thursday, January 11, 2024.
However, despite the Central Bank of Nigeria (CBN) announcing the unification of all segments of the foreign exchange market, the Naira is trading as high as ₦1,175 per Dollar at the black market.
In a circular issued on Wednesday, June 14, 2023, the CBN stated that all FX windows were collapsed into the Investors and Exporters (I&E) window. The statement outlined several key changes, including the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window and the operational rate for all government-related transactions being the weighted average rate of the preceding day’s executed transactions at the I&E window.
Other changes included the proscription of trading limits on oversold FX positions, the reintroduction of order-based two-way quotes with a bid-ask spread of N1, and the reintroduction of the Order Book to ensure transparency of orders and seamless execution of trades. The operational hours of trades were also specified to be from 9 a.m to 4 p.m, Nigeria time.
The apex bank emphasized that further guidance on the operational changes would be communicated to authorized dealers and the general public in due course. These changes indicate that Nigeria has eased its control of the naira, allowing the local currency to float freely. A free-floating exchange rate occurs when a government permits the exchange rate to be determined purely by market forces, with no attempt to influence it through the central bank.