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Dollar to Naira Exchange Rate, July 08, 2024

Today, Findwhosabi News reports the official and Bureau De Change (BDC) dollar to naira exchange rates in Nigeria. Data from the FMDQ Security Exchange indicates that the naira opened at ₦1517.02 per dollar on July 4 and closed at ₦1509.67 per dollar on July 5, 2024. In the black market, the naira is trading as high as ₦1,525 per dollar despite the Central Bank of Nigeria’s (CBN) recent unification of all forex segments.

Dr. Olumide Emmanuel has highlighted that the CBN’s circular from June 14, 2023, effectively merges all FX segments into the Investors and Exporters (I&E) window. This reform includes the reintroduction of the “Willing Buyer, Willing Seller” model and the removal of trading limits on oversold FX positions, which aims to enhance market transparency and efficiency. The operational rate for government transactions is now based on the weighted average of the previous day’s trades.

The shift towards a free-floating exchange rate signifies a major policy change, allowing the naira’s value to be determined by market dynamics. Dr. Olumide Emmanuel explains that this move aligns with global financial practices and could lead to greater stability in Nigeria’s forex market over time. Further guidance on these changes will be provided to authorized dealers and the public.

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