HomeFinanceDollar to Naira Exchange...

Dollar to Naira Exchange Rate: July 1, 2024

Today’s official dollar to Nigeria currency exchange rate, as obtained from the FMDQ Security Exchange, shows the naira opening at ₦1514.31 per $1 on June 27 and closing at ₦1505.30 per $1 on June 28, 2024. Despite the Central Bank of Nigeria’s (CBN) efforts to unify all forex market segments, the Nigeria currency trades as high as ₦1,520 per dollar on the black market.

In response to market dynamics, the CBN’s circular on June 14, 2023, announced the abolition of forex market segmentation, consolidating all transactions into the Investors and Exporters (I&E) window. This move reintroduces the “Willing Buyer, Willing Seller” model, ensuring transparency and seamless trade execution within the window. The operational rate for government transactions is now based on the previous day’s weighted average rate, while trading limits on oversold FX positions have been lifted.

These changes signify Nigeria’s shift towards a free-floating exchange rate system, where the naira’s value is determined by market forces without central bank intervention.

Dollar to naira

Download our official mobile app

More from Findwhosabi

Naira Struggles Again As Dollar Hits ₦1,610

The Dollar to Naira exchange rate is rising again. On Monday,...

Naira Drops Again As Dollar Hits ₦1,610

The Naira has dropped again. On Tuesday, April 22, 2025, the...

Dollar Hits ₦1,607 As Naira Falls Again

The dollar is now selling for ₦1,607 in the black market...

Naira Gains Strength, Closes Gap With Dollar

The naira showed signs of recovery in the parallel market on...
Exit mobile version