The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange, the official forex trading portal showed that the Naira opened at ₦1643.26 per $1 on Monday, October 21, 2024 and closed at ₦1653.02 per $1 on Tuesday, October 22, 2024.
However, the Naira is trading as high as ₦1,730 per Dollar at the black market even though the Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange market.
“The operational hours of trades shall be from 9 a.m to 4 p.m, Nigeria time.”
The apex noted that further guidance on the operational changes would be communicated to authorized dealers and the general public in due course.
The changes to operations in the country’s FX market imply that Nigeria has eased its control of the naira, allowing the local currency to float freely.
Meanwhile, a free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces and there is no attempt to ask the central bank to influence the external value of the exchange rate.