Dollar to Naira Exchange Rate for 15th June 2023 » Voice of Nigeria
Find the official exchange rate for the US Dollar to Nigerian Naira today, including the rates for Bureau De Change (BDC) and Central Bank of Nigeria (CBN), on Voiceofnigeria.
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Dollar to Naira Exchange Rate for 15th June 2023
In the realm of finance and economy, the currency exchange rate is an ever-changing aspect, reflecting the nation’s economic health and global relations. Today, we take a close look at the Dollar to Naira exchange rate for 15th June 2023, obtained from the Voice of Nigeria.
Understanding the Official Exchange Rate for Dollar to Naira
| Date | Opening Rate | Closing Rate |
|---|---|---|
| June 14, 2023 | ₦473.83/$ | ₦664.04/$ |
The data released on the FMDQ Security Exchange, the official forex trading portal, reveals that the Naira opened at ₦473.83 per dollar on June 14, 2023, closing at ₦664.04 per dollar the same day.
Significant Announcements from the Central Bank of Nigeria
In a remarkable development on June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange (FX) market. This essentially means that all FX windows are now merged into the investors and exporters (I&E) window. The bank indicates that this move is a part of immediate alterations to the operations in the Nigerian FX market.
Key Points from the Announcement
- Abolition of Segmentation: FX segments now merged into I&E window. Medical, school fees, BTA/PTA, and SME applications through banks.
- Reintroduction of the ‘Willing Buyer, Willing Seller’ Model: All qualified transactions will have access to foreign exchange through this channel.
- Operational Rate Determination: The operational rate for government-related transactions will be determined by calculating the weighted average rate of transactions executed at the Importers and Exporters (I&E) window on the previous day, rounded to two decimal places.
- Proscription of Trading Limits: There’s a ban on trading limits for oversold FX positions. However, there’s permission to hedge short positions with OTC futures.
- Introduction of Order-based Two-way Quotes: A N1 spread on bid-ask transactions will be introduced, and a Central Counter Party (CCP) will clear all transactions.
- Introduction of Order Book: To enhance transparency and facilitate smooth trade execution, an order book will be reintroduced.
- Operational Hours: Trades can be conducted from 9am to 4pm, Nigeria time.
What Does This Mean for Nigeria?
These transformations in the country’s FX market indicate that Nigeria has loosened its control over the Naira, permitting the local currency to freely float.
The above statement gives an insight into what a free-floating exchange rate implies. It means the government allows market forces to solely determine the exchange rate and doesn’t seek the central bank’s influence over the exchange rate’s external value.
In conclusion, these changes, which point towards a free-floating exchange rate, seem to depict a dynamic shift in Nigeria’s economic policy, signaling a more open and flexible approach. The world will keenly observe how these changes impact the economy and the Naira’s stability in the days to come.
Stay tuned to this space for further updates on the dollar to Naira exchange rate
and other important economic news from Nigeria.
