Findwhosabi News has obtained the latest information on the Dollar to Naira exchange rate in Nigeria, covering both official and parallel market rates. Here are the details for today, February 2, 2024:
Official Exchange Rate: According to data from the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦1480.16 per dollar on Wednesday, January 31, 2024, and closed at ₦1461.90 per $1 on Thursday, February 2, 2024.
Black Market Rate: Contrary to the official rates, the Naira is currently trading at ₦1,425 per Dollar in the black market. This is noteworthy, considering the Central Bank of Nigeria (CBN) had previously announced the unification of all segments of the foreign exchange market.
CBN’s Forex Market Unification: In a circular dated June 14, 2023, the CBN abolished segmentation in the forex market, collapsing all segments into the Investors and Exporters (I&E) window. The “Willing Buyer, Willing Seller” model was reintroduced at the I&E Window, guided by existing circulars. Notably, government-related transactions now operate at the weighted average rate of the preceding day’s executed transactions at the I&E window.
Other operational changes include the proscription of trading limits on oversold FX positions, reintroduction of order-based two-way quotes with a bid-ask spread of N1, and the reintroduction of an Order Book for transparency. The operational hours for trades are from 9 a.m to 4 p.m, Nigeria time.
The CBN emphasized that further guidance on operational changes would be communicated to authorized dealers and the public.
Free-Floating Exchange Rate: The modifications to operations indicate a shift in Nigeria’s approach to its currency. The country has eased control over the Naira, allowing it to float freely. In a free-floating exchange rate system, the government allows market forces to determine the exchange rate without intervention from the central bank.
Disclaimer: Findwhosabi News does not determine forex rates. Official NAFEX rates are obtained from the FMDQOTC website, while parallel market rates are sourced from various outlets. The rates may vary from those presented in this article during actual forex transactions
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