In a development reverberating across Nigeria’s financial landscape, Findwhosabi News has obtained exclusive insights into today’s Dollar to Naira exchange rates, including both official and black market figures.
According to data sourced from the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦1309.07 per $1 on Wednesday, April 24, 2024, and closed at ₦1309.88 per $1 on Thursday, April 25, 2024. This official rate underscores the ongoing efforts to stabilize currency fluctuations in the market.
However, despite regulatory measures implemented by the Central Bank of Nigeria (CBN) to unify all segments of the foreign exchange market, the black market paints a different picture. The Naira is currently trading as high as ₦1,300 per Dollar in unofficial channels, highlighting persistent disparities in exchange rates.
The CBN’s recent circular, dated June 14th, 2023, marked a significant shift in forex market operations. It announced the abolition of segmentation, consolidating all FX windows into the Investors and Exporters (I&E) window. This move aimed to streamline transactions and foster greater transparency within the market.
Key highlights of the circular include:
- Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window.
- Prescribed operational rates for government-related transactions based on the weighted average rate of preceding day’s executed transactions.
- Proscription of trading limits on oversold FX positions, with provisions for hedging short positions.
- Reintroduction of order-based two-way quotes and order book to ensure transparency and efficiency in trade execution.
- Expanded operational hours from 9 a.m to 4 p.m, Nigeria time, enhancing market accessibility.
These regulatory adjustments signal a departure from stringent control measures, embracing a free-floating exchange Naira to Dollar rate regime. Under this model, market forces dictate currency valuations, ushering in a new era of flexibility and responsiveness.
As Nigeria navigates the complexities of its evolving forex landscape, stakeholders anticipate further guidance on operational changes, poised to shape the future trajectory of the nation’s economic outlook. Stay tuned for updates as the country charts its course in the dynamic realm of global finance.