Findwhosabi News reports that the Naira’s exchange rate against the US dollar opened at ₦1471.42 per $1 on Thursday, June 13, and closed at ₦1482.72 per $1 on Friday, June 14, 2024, according to data from the FMDQ Security Exchange. Despite the Central Bank of Nigeria’s (CBN) recent policy unifying the foreign exchange market into the Investors & Exporters (I&E) window, the black market rate remains high at ₦1,470 per Dollar.
The CBN’s policy, announced in a circular on June 14, 2023, aims to streamline all FX segments into the I&E window and reintroduce the “Willing Buyer, Willing Seller” model to enhance market transparency and efficiency. The circular detailed that all government-related transactions would adopt the weighted average rate of the previous day’s I&E window trades, and set operational hours for trades from 9 a.m. to 4 p.m. Nigeria time.
These changes signify Nigeria’s move towards a free-floating exchange rate, where the Naira’s value is determined by market forces without central bank intervention. This policy shift is expected to improve transparency and allow for a more accurate reflection of the currency’s market value.
