In an exclusive report by Findwhosabi News, the official exchange rates for the Dollar to Naira have been disclosed for today, February 16, 2024. The information encompasses both the Bureau De Change (BDC) rates and Central Bank of Nigeria (CBN) rates.
According to data from the FMDQ Security Exchange, the authoritative forex trading portal, the Naira commenced the day at ₦1515.28 per dollar on Wednesday, February 14, 2024, and closed at ₦1498.25 per $1 on the current date.
Despite the Central Bank of Nigeria’s recent announcement of the unification of all segments of the foreign exchange market, the Naira is trading at ₦1,455 per Dollar on the black market.
The apex bank, in a circular dated June 14, 2023, abolished segmentation, consolidating all segments into the Investors and Exporters (I&E) window. It reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window and specified that all eligible transactions could access foreign exchange at this window.
Furthermore, the operational rate for all government-related transactions will be the weighted average rate of the preceding day’s executed transactions at the I&E window. Trading limits on oversold FX positions have been proscribed, with permission to hedge short positions with OTC futures. Overbought positions shall have zero limits.
Other notable changes include the reintroduction of order-based two-way quotes, bid-ask spread of N1, reintroduction of the Order Book for transparency, and operational hours from 9 a.m to 4 p.m, Nigeria time.
These adjustments signify a relaxation of control over the Naira, allowing the local currency to freely float in the foreign exchange market, marking a significant development in Nigeria’s financial landscape. Further guidance on these operational changes will be communicated to authorized dealers and the general public in due course.