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Dollar to Naira Exchange Rate, July 10,2024

Naira Drops Further Against Dollar

Today, 10 July 2024, the official exchange rate between the Naira and the US Dollar opened at ₦1521.76 per $1 and closed at 1532.58 per $1, according to the FMDQ Security Exchange. In the black market, the Nigeria currency is trading as high as ₦1,525 per Dollar, despite the Central Bank of Nigeria’s (CBN) efforts to unify all forex market segments.

CBN’s New FX Market Guidelines

In a circular dated 14 June 2023, the CBN announced significant changes to Nigeria’s forex market, consolidating all segments into the Investors and Exporters (I&E) window. This move aims to streamline forex transactions, with the reintroduction of the “Willing Buyer, Willing Seller” model and the implementation of a two-way quote system to enhance market transparency and efficiency.

Implications for the Naira

These changes suggest that Nigeria is allowing the Naira to float more freely, letting market forces determine its value. The new guidelines remove trading limits on oversold FX positions and reintroduce an order book system, indicating a shift towards a more open and transparent forex market. Further details on these operational changes will be communicated by the CBN in due course.

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