Dollar To Naira Exchange Rate For Today 19 July 2026

“Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. Operations in this window shall be guided by the extant circular 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 exchange at this window.

“The operational rate for all government-related transactions shall be the weighted average rate of the preceding 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 short positions with OTC futures. Limits on overbought positions shall be zero.

“Re-introduction of order-based two-way quotes, with bid-ask spread of N1. All transactions shall be cleared by a Central Counterparty (CCP).

“Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.

“The operational hours of trades shall be from 9 a.m to 4 p.m, Nigeria time.”

The apex noted that further guidance on the operational changes would be communicated to authorised dealers and the general public in due course.

The changes to operations in the country’s FX market imply that Nigeria has eased its control of the naira, allowing the local currency to float freely.

Meanwhile, a free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces, and there is no attempt to ask the central bank to influence the external value of the exchange rate.

Disclaimer: Gatekeepers News does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.