In today’s update, FindWhoSabi News brings you the latest insights into the Dollar to Naira exchange rates as of November 29, 2023. Our sources have obtained official rates from various segments of Nigeria’s foreign exchange market, providing a comprehensive view of current currency trading dynamics.
Official Exchange Rate Update:
Data from the FMDQ Security Exchange, the official forex trading portal, reveals that on Tuesday, November 28, 2023, the Naira opened at ₦806.83 per dollar and closed at ₦881.88 per $1.
Discrepancies in Black Market Rates:
Despite the Central Bank of Nigeria’s (CBN) announcement of the unification of all foreign exchange market segments, reports indicate that the Naira is trading as high as ₦1,155 per Dollar in the black market.
CBN’s Unification Measures:
In a circular issued on June 14, 2023, the CBN announced the collapse of all FX windows into the Investors and Exporters (I&E) window. Key points from the circular include the abolishment of segmentation, the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window, and the determination of the operational rate for government-related transactions by the weighted average rate of the preceding day’s I&E transactions.
Implications of Changes:
These operational adjustments signify a significant shift in Nigeria’s foreign exchange market, indicating a more flexible approach. The move implies that the country has eased control over the Naira, allowing it to float freely in response to market forces.
Future Guidance:
The CBN has assured that further guidance on these operational changes will be communicated to authorized dealers and the general public in due course. These changes mark a significant development in Nigeria’s approach to managing its currency, adopting a more market-driven exchange rate system. Stay tuned for more updates on the evolving landscape of Nigeria’s foreign exchange market.