As of today, June 18, 2024, the Dollar to Naira exchange rate has been meticulously analyzed. According to the latest data from the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦1471.42 per $1 on Thursday, June 13, and closed at ₦1482.72 per $1 on Friday, June 14, 2024.
In the parallel market, the Naira is trading as high as ₦1,470 per Dollar. This development comes despite the Central Bank of Nigeria’s (CBN) recent directive to unify all foreign exchange market segments into the Investors & Exporters (I&E) window, a move officially announced on June 14, 2023. This unification is a strategic effort to streamline FX transactions and enhance transparency across the board.
The CBN’s policy changes are significant. These include the abolition of segmentation, the re-introduction of the “Willing Buyer, Willing Seller” model, and the removal of trading limits on oversold FX positions. Additionally, the operational hours for trades have been established from 9 a.m. to 4 p.m. daily. This shift towards a flexible exchange rate regime underscores Nigeria’s commitment to allowing the Naira to float freely in response to market dynamics, a crucial step in aligning our currency’s value with global economic realities.
