Find below, the Dollar to Naira exchange fee for today, 28 October 2023.
INFOREPORTAGE has received the official dollar to the naira alternate fee in Nigeria today, which include the Bureau De Change (BDC) price and CBN rates.
What Is The Official Exchange Rate For Dollar To Naira Today?
The exchange rate between the Naira and the US dollar according to the facts released on the FMDQ Security Exchange, the reliable forex trading portal showed that the Naira opened at ₦801.75 per greenback on Friday, October 27,2023, and closed at ₦789.94 per $1 on Friday, October 27, 2023.
However, the Naira is buying and selling as high as ₦1,113 per Dollar at the black market even although the Central Bank of Nigeria (CBN) introduced the unification of all segments of the foreign exchange market.
The apex bank, had in a round on Wednesday 14th June 2023, stated all FX windows were now 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, college fees, BTA/PTA, and SMEs would proceed to be processed via deposit money banks.
“Re-introduction of the “Willing Buyer, Willing Seller” mannequin at the I&E Window. Operations in this window shall be guided by using the extant round 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 alternate at this window.
“The operational charge for all government-related transactions shall be the weighted common price of the previous 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 quick positions with OTC futures. Limits on overbought positions shall be zero.
“Re-introduction of order-based two-way quotes, with bid-ask unfold of N1. All transactions shall be cleared through a Central Counter Party (CCP).
“Reintroduction of Order Book to make certain transparency of orders and seamless execution of trades.
“The operational hours of trades shall be from nine a.m to 4 p.m, Nigeria time.”
The apex stated that in addition instruction on the operational changes would be communicated to licensed dealers and the accepted public in due course.
The adjustments to operations in the
country’s FX market imply that Nigeria has eased its control of the naira, allowing the neighborhood currency to waft freely.
Meanwhile, a free-floating change fee occurs when a authorities permits the trade fee to be decided in basic terms via market forces and there is no strive to ask the central financial institution to influence the external fee of the exchange rate.
Disclaimer: Inforeportage does not set or determine foreign exchange rates. The legit NAFEX rates are bought from the website of the FMDQOTC. Parallel market prices are acquired from various sources, which includes online media outlets. The fees you purchase or promote foreign exchange can also be special from what is captured in this article.