Official Exchange Rate: According to data from the FMDQ Security Exchange, the Naira opened at ₦1,611.40 per $1 on Friday, July 26, and closed at ₦1,609.29 per $1 on Monday, July 29, 2024.
Black Market Rate: The Naira is trading at approximately ₦1,600 per Dollar on the black market.
Central Bank of Nigeria (CBN) Updates: The CBN has unified all segments of the foreign exchange market into the Investors and Exporters (I&E) window. The apex bank introduced several changes to streamline forex operations, including:
- Abolishing segmentation and collapsing all FX windows into the I&E window.
- Re-introducing the “Willing Buyer, Willing Seller” model at the I&E Window.
- Setting the operational rate for government transactions based on the weighted average rate of the preceding day’s executed transactions at the I&E window.
- Removing trading limits on oversold FX positions and reintroducing order-based two-way quotes with a bid-ask spread of ₦1.
- Ensuring transparency with an Order Book for trades, and establishing operational hours from 9 a.m to 4 p.m.
These measures signify a move towards a free-floating exchange rate, allowing the Naira’s value to be determined by market forces without direct intervention from the central bank.
