Findwhosabi News has acquired the latest Dollar to Naira exchange rates for today, January 13, 2024. Here are the official rates obtained, encompassing both Bureau De Change (BDC) 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 the same day.
However, despite the Central Bank of Nigeria’s (CBN) announcement of 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.
The CBN, in a circular dated June 14, 2023, abolished segmentation, collapsing all FX windows into the Investors and Exporters (I&E) window. The circular also reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window and prescribed specific operational guidelines.
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. Trading limits on oversold FX positions are proscribed, with permission to hedge short positions using Over-the-Counter (OTC) futures. The reintroduction of order-based two-way quotes with a bid-ask spread of N1, reintroduction of the Order Book for transparency, and operational hours from 9 a.m to 4 p.m, Nigeria time, were also highlighted.
The CBN emphasized that further guidance on operational changes would be communicated to authorized dealers and the general public in due course. These changes in the FX market operations signify that Nigeria has eased control over the Naira, allowing the local currency to float freely.
A free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces without attempting to influence it through the central bank.