Findwhosabi News brings you the latest update on the Dollar to Naira exchange rate for today, April 8, 2024. Here’s the breakdown of the official rates obtained from reliable sources:
According to data released by the FMDQ Security Exchange, the Naira commenced trading at ₦1258.45 per $1 on Thursday, April 4, 2024, and closed at ₦1251.05 per $1 on Friday, April 5, 2024.
Despite the Central Bank of Nigeria’s (CBN) efforts to unify all segments of the foreign exchange market, the Naira is currently trading at ₦1,250 per Dollar in the black market.
The CBN’s recent circular announced the consolidation of all FX windows into the Investors and Exporters (I&E) window, reintroducing the “Willing Buyer, Willing Seller” model. Additionally, trading limits on oversold FX positions have been proscribed, and the operational hours for trades have been specified from 9 a.m to 4 p.m Nigerian time.
These changes reflect a shift towards a free-floating exchange rate regime, where market forces play a predominant role in determining the external value of the Naira.
As Nigeria embraces this new approach to its FX market, investors and stakeholders can expect increased transparency and flexibility in currency transactions. Findwhosabi News will continue to monitor developments in the foreign exchange market and provide timely updates. Stay tuned for further insights into Nigeria’s evolving economic landscape.