Findwhosabi News reports that the official exchange rate for the dollar to the naira opened at ₦1471.42 per $1 on June 13 and closed at ₦1482.72 per $1 on June 14, 2024, according to data from FMDQ Security Exchange. In the black market, the naira is trading at approximately ₦1,470 per dollar.
The Central Bank of Nigeria (CBN) recently announced the unification of all foreign exchange market segments into the Investors & Exporters (I&E) window, aiming to streamline FX transactions. This new policy allows applications for medicals, school fees, and small and medium enterprises (SMEs) to be processed through deposit money banks under the “Willing Buyer, Willing Seller” model.
Key changes include the re-introduction of order-based two-way quotes, proscription of trading limits on oversold FX positions, and a mandate that government-related transactions follow the preceding day’s weighted average rate. These reforms mark a significant shift towards a free-floating exchange rate, allowing the naira’s value to be determined by market forces.