Current Dollar to Naira Exchange Rate – 22 June 2023

Stay updated with the Dollar to Naira exchange rate for today, 22 June 2023.

Learn about the latest changes in the Forex Exchange Market in Nigeria.

The Current Dollar to Naira Exchange Rate – 22 June 2023

Are you interested in the current exchange rate of the Dollar to the Naira? We have compiled the most up-to-date information for you today, on 22 June 2023.

The Voice of Nigeria has provided us with the latest exchange rates, including the Bureau De Change (BDC) rate and CBN rates.

What is Today’s Official Exchange Rate from Dollar to Naira?

The Naira and the US dollar’s exchange rate are based on data provided by the FMDQ Security Exchange, which is the official forex trading portal.

On Wednesday, 21 June 2023, the Naira began at ₦741.21 per dollar and closed at ₦ 763.17 per $1.

At the investors and exporters (I&E) window, the Naira went as high as N815 to the dollar, but it ended the day at ₦763.17.

Recent Changes in the Forex Exchange Market

On 14 June 2023, the Central Bank of Nigeria (CBN) announced a significant change in the forex exchange (FX) market: the merging of all segments into the I&E window. This is just one of many changes in the Nigerian FX market’s operations.

All applications such as those for medicals, school fees, BTA/PTA, and SMEs will still be processed through deposit money banks. The I&E Window will operate under the “Willing Buyer, Willing Seller” model, and all eligible transactions can access foreign exchange at this window.

The operational rate for government-related transactions will now be the average rate of the previous day’s transactions at the I&E window. Trading limits on oversold FX positions have been removed, and order-based two-way quotes have been reintroduced.

The CBN also reintroduced the Order Book to increase transparency and ease trade execution. The trading hours will be from 9am to 4pm, Nigeria time.

More information about these operational changes will be provided to authorized dealers and the public as soon as possible.

These changes indicate a significant shift in Nigeria’s control over the Naira, with the local currency now free to float. A free-floating exchange rate means the government allows the exchange rate to be purely determined by market forces, and the central bank doesn’t attempt to influence the exchange rate’s external value.

Please note: The Voice of Nigeria does not set or determine forex rates. Official NAFEX rates come from the FMDQOTC website, and parallel market rates come from various sources, including online media outlets. The rates at which you buy or sell forex may differ from what is reported here.

That’s all for the Dollar to Naira exchange rate for today, 22 June 2023. Stay tuned for future updates.

Stay informed about the most current exchange rates and changes in the Forex Exchange Market.