In a report obtained by Findwhosabi News, the official exchange rates for the Dollar to Naira in Nigeria today have been disclosed, encompassing rates from both Bureau De Change (BDC) and the Central Bank of Nigeria (CBN).
According to data released on the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦911.67 per dollar on Friday, December 29, 2023, and closed at ₦907.11 per $1 on the same day.
Despite the Central Bank of Nigeria’s announcement of the unification of all segments of the foreign exchange market, the Naira is currently trading at a higher rate of ₦1,175 per Dollar in the black market.
The CBN, in a circular issued on June 14, 2023, declared the collapse of all FX windows into the Investors and Exporters (I&E) window. The circular stated, “Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (I&E) window.”
The apex bank also reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window, allowing eligible transactions to access foreign exchange. The operational rate for government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the I&E window.
Other notable changes include the proscription of trading limits on oversold FX positions, reintroduction of order-based two-way quotes with a bid-ask spread of N1, and the reintroduction of the Order Book for transparency of orders and seamless execution of trades.
The operational hours for trades will be from 9 a.m to 4 p.m, Nigeria time. The CBN assured that further guidance on these operational changes would be communicated to authorized dealers and the general public in due course.