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Naira Gains Against USD 02 March 2024

In a whirlwind of financial developments, Findwhosabi News has obtained exclusive insights into the Dollar to Naira exchange rates for today, March 2, 2024, painting a vivid picture of the economic landscape.

Official Exchange Rate: According to data from the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦1620.98 per dollar on February 29, 2024, and closed at ₦1548.25 per $1 on March 2, 2024. This official rate signifies a dynamic market where the Naira faces fluctuating fortunes against the US dollar.

Naira
Naira to USD

Black Market Intrigue: Despite the Central Bank of Nigeria’s (CBN) announcement of unifying all forex market segments, the Naira is braving turbulent waters, trading as high as ₦1,600 per Dollar in the black market. This divergence raises eyebrows, challenging the CBN’s efforts to bring harmony to the foreign exchange landscape.

CBN’s Market Overhaul: The apex bank, in a landmark move on June 14, 2023, collapsed all FX windows into the Investors and Exporters (I&E) window. The reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window marked a significant shift. Operations in this window adhere to the established circular on the window’s creation, dated April 21, 2017.

The CBN’s statement outlined key changes:

  • Abolishment of segmentation
  • Proscription of trading limits on oversold FX positions
  • Reintroduction of order-based two-way quotes
  • Operational rate for government-related transactions determined by the weighted average rate
  • Operational hours set from 9 a.m to 4 p.m, Nigeria time

These changes signal a significant relaxation of Nigeria’s control over the Naira, allowing it to navigate the forex currents freely. A free-floating exchange rate now defines Nigeria’s FX market, with market forces playing a dominant role in determining the Naira’s external value.

As the Naira weathers these financial storms, stay tuned for further updates on the unfolding saga in Nigeria’s foreign exchange saga. 💹🌍

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