The official dollar-to-naira exchange rate in Nigeria today, including the Bureau De Change (BDC) and CBN rates.
What is today’s official dollar-to-naira exchange rate?
On January 16, 2024, the Naira began at ₦884.22 per dollar and finished at ₦878.57 per $1, as reported by the FMDQ Security Exchange, the official currency trading platform.
Despite the CBN’s announcement to unify the foreign currency market, the Naira is still selling at up to ₦1,275 per Dollar on the black market.
The top bank stated in a circular dated Wednesday, June 14, 2023, that all FX windows had been collapsed into the investors and exporters (I&E) window.
The statement read, “Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.
“Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 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 shall 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.
“Re-introduction of order-based two-way quotes, with 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 stated that more information on the operating modifications would be conveyed to authorized dealers and the general public in due time.
The modifications to operations in the country’s FX market indicate that Nigeria has relaxed its control over the naira, enabling the local currency to float freely.
Meanwhile, a free-floating exchange rate arises when a government permits the currency rate to be established solely by market forces and does not request that the central bank impact the exchange rate’s external value.
