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Dollar to Naira Exchange Rate Soars Amidst Market Changes

In an exclusive report by Findwhosabi News, today’s exchange rate between the Dollar and the Naira has sparked a frenzy among traders and citizens alike. Hold onto your seats as we unveil the latest figures!

According to data sourced from the FMDQ Security Exchange, the official forex trading portal, the Naira kicked off the day at a staggering ₦1328.51 per $1 on Wednesday, March 27, 2024. Fast forward to Thursday, March 28, 2024, and the Naira closed at a slightly lower ₦1309.39 per $1.

Naira
Dollar to naira

But wait, there’s more! Despite efforts by the Central Bank of Nigeria (CBN) to unify the foreign exchange market, the Naira is making waves, trading as high as ₦1,280 per Dollar in the black market. This revelation comes amidst the CBN’s recent circular, issued on Wednesday, June 14, 2023, announcing the consolidation of all FX segments into the Investors and Exporters (I&E) window.

The apex bank’s statement read like a playbook for change, abolishing segmentation and reintroducing the “Willing Buyer, Willing Seller” model at the I&E Window. This move signals a significant shift in Nigeria’s FX market dynamics, allowing eligible transactions to access foreign exchange seamlessly.

Furthermore, the CBN has paved the way for a transparent and free-floating exchange rate by reintroducing order-based two-way quotes and extending operational hours from 9 a.m to 4 p.m, Nigeria time. These operational changes signify a departure from previous controls, hinting at Nigeria’s readiness to embrace market-driven mechanisms.

In light of these developments, it’s evident that Nigeria is charting a new course in its FX landscape. As the Naira navigates turbulent waters, the nation braces itself for the implications of a free-floating exchange rate regime.

Stay tuned as Findwhosabi News continues to unravel the latest twists and turns in Nigeria’s financial arena. Don’t miss out on the pulse of the nation’s economy – catch the headlines, only with Findwhosabi News! 🚀📈

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