Findwhosabi News has acquired the latest updates on the official dollar to naira exchange rates in Nigeria today, encompassing the Bureau De Change (BDC) rate and Central Bank of Nigeria (CBN) rates.
According to data released on the FMDQ Security Exchange, the official forex trading portal, the Naira commenced trading at ₦- per dollar on Wednesday, January 31, 2024, and concluded at ₦1482.57 per $1 on the same day.
However, despite efforts by the CBN to unify all segments of the foreign exchange market, the Naira is currently trading as high as ₦1,530 per Dollar on the black market.
The CBN, in a circular dated Wednesday, June 14th, 2023, announced the collapse of all FX windows into the Investors and Exporters (I&E) window. This move included the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window, among other operational changes.
These changes signify a shift towards a free-floating exchange rate system, where the external value of the exchange rate is determined solely by market forces, without government intervention.
Further details regarding the operational changes in Nigeria’s FX market will be communicated to authorized dealers and the public in due course.
The recent adjustments suggest a relaxation of Nigeria’s control over the naira, allowing the local currency to fluctuate freely in response to market dynamics.