Findwhosabi News has obtained the official dollar-to-naira exchange rates in Nigeria today, unveiling both the Bureau De Change (BDC) rate 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 ₦915.00 per dollar on Friday, December 22, 2023, and closed at ₦885.88 per $1 on the same day.
However, a sharp contrast is observed in the black market, where the Naira is trading as high as ₦1,175 per Dollar. This is despite the Central Bank of Nigeria (CBN) announcing the unification of all segments of the foreign exchange market.
In a circular dated Wednesday, June 14, 2023, the apex bank declared the abolition of segmentation. All FX windows are now collapsed into the Investors and Exporters (I&E) window. Transactions such as medicals, school fees, BTA/PTA, and SMEs will continue to be processed through deposit money banks.
The reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window has been emphasized, with operations guided by the extant circular on the establishment of the window dated April 21, 2017. All eligible transactions can access foreign exchange at this window.
Key operational changes include:
- The operational rate for all government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.
- Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures. Limits on overbought positions shall be zero.
- Reintroduction of order-based two-way quotes, with a bid-ask spread of N1. All transactions shall be cleared by a Central Counter Party (CCP).
- Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.
- The operational hours of trades shall be from 9 a.m to 4 p.m, Nigeria time.
The apex bank emphasized that further guidance on operational changes would be communicated to authorized dealers and the general public in due course.
These changes signify a notable shift in Nigeria’s FX market operations, suggesting a relaxation of control over the naira, allowing the local currency to float freely. A free-floating exchange rate is characterized by a government allowing the exchange rate to be determined purely by market forces, without attempting to influence it through the central bank.