Dollar and Naira for 25th July 2023 (FMDQ Security Exchange )

Exchange Rate Between Dollar and Naira for 25th July 2023

Today, 25th July 2023, the official exchange rate of the dollar to the naira in Nigeria has been established.

The following information includes the Bureau De Change (BDC) rate and Central Bank of Nigeria (CBN) rates.

Dollar to Naira Exchange Rate Today

According to the data released on the FMDQ Security Exchange, the official foreign exchange trading portal, the Naira began at ₦774.50 per dollar on Monday, 24th July 2023.

By the end of the day, it closed at ₦792.04 per $1.

On Wednesday, 14th June 2023, the Central Bank of Nigeria (CBN) made a significant announcement.

It has decided to unify all sections of the foreign exchange (FX) market. In a statement, the CBN mentioned that all FX windows are now merged into the investors & exporters (I&E) window.

This move is a part of some immediate changes to operations in the Nigerian FX market.

The bank issued a statement that included some key points.

• The CBN is getting rid of different segments. All segments are now included in the Investors and Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs will continue to be handled through deposit money banks.
• The bank is bringing back the “Willing Buyer, Willing Seller” model at the I&E Window. The operations in this window will be guided by the existing circular on the establishment of the window, dated 21 April 2017, and referenced FM/DIR/CIR/GEN/08/007.
• The operational rate for all government-related transactions will be the average rate of the previous day’s executed transactions at the I&E window, calculated to two (2) decimal places.
• The CBN is banning trading limits on oversold FX positions. However, permission to hedge short positions with OTC futures will still be allowed. Limits on overbought positions will be zero.
• The bank is reintroducing order-based two-way quotes, with a bid-ask spread of N1. All transactions will be cleared by a Central Counter Party (CCP).
• It is bringing back the Order Book to make sure that orders are transparent and trades are executed seamlessly.
• The operational hours of trades will be from 9am to 4pm, Nigeria time.

The bank noted that they will communicate more guidance on the operational changes to authorized dealers and the general public soon.

These changes mean that Nigeria has made its control of the naira less strict. It will let the local currency float freely. In a free-floating exchange rate, the government lets the exchange rate be decided only by market forces. The central bank does not try to change the external value of the exchange rate.

Please note: VoiceofNigeria.org.ng does not set or decide forex rates.

The official NAFEX rates come from the website of the FMDQOTC.

Parallel market rates come from various sources, including online media outlets.

The rates at which you buy or sell forex might be different from the rates shown in this article.