The exchange rate between the Nigerian Naira and the US dollar based on the data released on the FMDQ Security Exchange, the official forex trading portal showed that the Naira opened at ₦1565.22 per $1 on Thursday, July 18, and closed at ₦1596.92 per $1 on Friday, July 20, 2024.
The Naira is trading as high as ₦1,630 per Dollar at the black market and the apex bank, in a circular on Wednesday 14th June 2023, said all FX windows were now collapsed into the investors & exporters (I&E) window.
“The operational hours of trades shall be from 9 a.m to 4 p.m, Nigeria time.”
The changes to operations in the country’s FX market imply that Nigeria has eased its control of the naira, allowing the local currency to float freely.
Meanwhile, a free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces and there is no attempt to ask the central bank to influence the external value of the exchange rate.
