Findwhosabi News has obtained the latest official exchange rates for the Dollar to Naira for today, April 30, 2024, including both official and black market rates.
According to data from the FMDQ Security Exchange, the Naira opened at ₦1361.00 per $1 on April 26 and closed at ₦1419.11 per $1 on April 30, 2024.
However, the black market rate shows the Naira trading as high as ₦1,300 per Dollar, despite the Central Bank of Nigeria’s announcement of unifying all segments of the foreign exchange market.
The apex bank had announced the abolition of segmentation, collapsing all segments into the Investors and Exporters (I&E) window. This move aims to streamline FX operations and enhance transparency.
Key highlights of the CBN’s circular include:
- Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window.
- Operational rate for government-related transactions to be based on the weighted average rate of the preceding day’s transactions at the I&E window.
- Proscription of trading limits on oversold FX positions, with permission to hedge short positions with OTC futures.
- Re-introduction of order-based two-way quotes, with bid-ask spread of N1.
- Operational hours of trades from 9 a.m to 4 p.m, Nigeria time.
These changes reflect Nigeria’s move towards a more flexible exchange rate regime, allowing market forces to play a greater role in determining the Naira’s value.
The shift towards a free-floating exchange rate signifies Nigeria’s commitment to a more market-driven approach to its currency valuation.
CkUQHRXN