In a latest update, Fidwhosabi.com News has acquired the official exchange rates for the Dollar to Naira in Nigeria for today, December 29, 2023. The rates encompass both the Bureau De Change (BDC) rates and those set by the Central Bank of Nigeria (CBN).
Official Exchange Rate for Dollar to Naira Today
According to data retrieved from the FMDQ Security Exchange, the official forex trading portal, the Naira commenced trading at ₦920.00 per US dollar on Thursday, December 28, 2023, and concluded the day at ₦1043.09 per $1.
However, the Naira is experiencing heightened activity in the black market, where it is currently being traded at ₦1,175 per Dollar. This is noteworthy, despite the Central Bank of Nigeria’s (CBN) recent announcement of the unification of all segments within the foreign exchange market.
The apex bank issued a circular on June 14, 2023, declaring the abolishment of segmentation. All FX windows were consolidated into the Investors and Exporters (I&E) window. The circular emphasized that applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.
Furthermore, the CBN reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window, and operations within this window are guided by the extant circular on its establishment dated April 21, 2017, and referenced FM/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window.
The operational rate for all government-related transactions is determined as the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places. The CBN’s measures seek to streamline and enhance the efficiency of the foreign exchange market in Nigeria.
