Below is the Dollar to Naira exchange rate for today, May 15, 2025.
According to data released by the Central Bank of Nigeria (CBN), the official forex trading portal indicates that as of Wednesday, May 14, 2025, the Naira was trading at ₦1,596.70 per dollar, down from ₦1,600.03 per dollar on Tuesday, May 13, 2025.
In contrast, the Naira is trading at approximately ₦1,630 per dollar in the black market, despite the CBN’s announcement regarding the unification of all segments of the foreign exchange market.
On June 14, 2023, the apex bank issued a circular stating that all foreign exchange windows would be consolidated into the Investors and Exporters (I&E) window.
The statement highlighted several key changes:
1. **Abolishment of Segmentation**: All foreign exchange segments have been unified under the I&E window. Transactions for medical expenses, tuition fees, Business Travel Allowances (BTA), Personal Travel Allowances (PTA), and Small and Medium Enterprises (SMEs) will continue to be processed through deposit money banks.
2. **Reintroduction of the “Willing Buyer, Willing Seller” Model**: Operations in the I&E window will adhere to the existing circular established on April 21, 2017 (reference: FM/DIR/CIR/GEN/08/007). All eligible transactions may access foreign exchange through this window.
3. **Operational Rate for Government Transactions**: The rate for all government-related transactions will be based on the weighted average of the previous day’s executed transactions in the I&E window, calculated to two decimal places.
4. **Regulation of Trading Limits**: Limits on oversold foreign exchange positions are prohibited, with permission granted to hedge short positions using OTC futures. There will be no limits on overbought positions.
5. **Order-Based Two-Way Quotes**: The reintroduction of an order-based system will include a bid-ask spread of ₦1, with all transactions cleared by a Central Counter Party (CCP).
6. **Order Book Implementation**: An Order Book will be reintroduced to enhance transparency in order management and ensure seamless trade execution.
7. **Trading Hours**: Trading will be conducted from 9 a.m. to 4 p.m. Nigerian time.
The CBN emphasized that additional guidance regarding these operational changes would be provided to authorized dealers and the public in due course.
These adjustments in the foreign exchange market operations signal a relaxation of control over the Naira, permitting the local currency to float freely. A free-floating exchange rate allows the market to determine the exchange rate without government intervention from the central bank.
