FindWhoSabi News has obtained the latest official exchange rates for the Dollar to Naira as of January 4, 2024, encompassing rates from both Bureau De Change (BDC) and the Central Bank of Nigeria (CBN).
The official exchange rate between the Naira and the US Dollar, sourced from the FMDQ Security Exchange, reveals that the Naira commenced trading at ₦932.67 per dollar on Wednesday, January 3, 2024, and concluded the day at ₦1035.12 per $1.
Despite the Central Bank of Nigeria’s recent announcement regarding the unification of all segments of the foreign exchange market, the Naira is currently trading as high as ₦1,175 per Dollar in the black market.
In a circular issued on June 14, 2023, the CBN declared the abolishment of segmentation, consolidating all segments into the Investors and Exporters (I&E) window. The circular outlined the re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window, with operations guided by the existing circular dated April 21, 2017 (referenced FM/DIR/CIR/GEN/08/007).
According to the circular, all eligible transactions are permitted to access foreign exchange at the I&E window. Additionally, the operational rate for government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places. Transactions such as medicals, school fees, BTA/PTA, and SMEs will continue to be processed through deposit money banks.
For the most up-to-date information on the Dollar to Naira exchange rates, stay tuned to FindWhoSabi News for comprehensive coverage.