Diaspora News has obtained the official dollar to the naira exchange rate in Nigeria today, including the Bureau De Change (BDC) rate and CBN rates.
According to data from the FMDQ Security Exchange, the Naira opened at ₦769.89 per dollar and closed at ₦773.98 per dollar on Monday, September 18, 2023. The Central Bank of Nigeria (CBN) recently announced the unification of all segments of the forex exchange market, collapsing them into the investors & exporters (I&E) window.
The apex bank stated that these changes are part of immediate operational adjustments in the Nigerian FX market. Segmentation has been abolished and all segments are now consolidated into the Investors and Exporters (I&E) window. The "Willing Buyer, Willing Seller" model has been reintroduced, and government-related transactions will be based on the preceding day's weighted average rate. Trading limits on oversold FX positions have been proscribed, and the Central Counter Party (CCP) will clear all transactions. The operational hours for trades are from 9 a.m to 4 p.m. Further guidance will be communicated in due course. These changes imply that Nigeria has eased control of the naira, allowing for a free-floating exchange rate.
Disclaimer: Diaspora News does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.