Key Points

• The exchange rate between the US dollar and the Nigerian naira on 18 July 2023 has been detailed.
• The Central Bank of Nigeria (CBN) has made major changes in the forex exchange market, affecting the dollar to naira exchange rate.
• A free-floating exchange rate, driven solely by market forces, has been adopted in Nigeria.

Today’s Dollar to Naira Exchange Rate

This article gives you the exchange rate for the US dollar to the Nigerian naira today, 18 July 2023. We have collected the formal dollar to naira exchange rate from reliable sources, including the Bureau De Change (BDC) and CBN.

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

Based on the data released on the FMDQ Security Exchange, the official trading site, the naira started at ₦782.79 for every dollar on Monday, 17 July 2023. By the end of the day, it was at ₦795.28 per $1.

Changes in the Forex Exchange Market

On 14 June 2023, the CBN announced changes in the forex exchange market. In a statement, the CBN noted that all different segments of the market would now be brought together into the investors and exporters (I&E) window.

This move, as per the CBN, is a part of instant changes to operations in the Nigerian forex market. The bank stated, “Every segment will now be brought together into the Investors and Exporters (I&E) window. Medical applications, school fees, BTA/PTA, and SMEs would still be processed through deposit money banks.”

Other changes introduced include the return of the “Willing Buyer, Willing Seller” model at the I&E Window. All transactions allowed to access foreign exchange at this window. The operational rate for all government-related transactions will be the average rate of the previous day’s trades at the I&E window, rounded to two decimal places.

In addition, the CBN reintroduced order-based two-way quotes, with a bid-ask spread of N1. All transactions shall be cleared by a Central Counter Party (CCP). Trading hours will be from 9 am to 4 pm, Nigeria time.

The bank also stated that more guidance on these operational changes would be communicated to authorized dealers and the public soon.

Free-Float of the Naira

These changes mean that Nigeria has relaxed its control over the naira, allowing it to float freely. A free-floating exchange rate is when the government lets the exchange rate be decided by market forces without any influence from the central bank.

Disclaimer: We do not set or decide forex rates. The official NAFEX rates come from the FMDQOTC website. We get parallel market rates from various sources, including online media outlets. The rates you use to buy or sell forex might be different from what is given in this article.