Hold onto your hats, folks! Findwhosabi News has the lowdown on the Naira’s wild ride against the Dollar, and it’s nothing short of a financial thriller.
As of March 2, 2024, the Naira kicked off at ₦1620.98 per dollar but did a nosedive to ₦1548.25 by closing time. Wait, there’s more – whispers from the streets claim the Naira is strutting its stuff at ₦1,600 per Dollar in the black market, despite the Central Bank of Nigeria’s grand plans to unite the forex market.
Remember that June 2023 circular? It’s the one where the CBN threw all segments into the Investors and Exporters (I&E) window mix. Fancy terms aside, it means the Naira is supposed to be the cool kid on the block.
But reality check: The Naira seems to have a mind of its own. The CBN’s rulebook now looks like a “Willing Buyer, Willing Seller” drama, with the Naira trading at the mercy of market forces.
In case you missed it, trading limits are out, and order-based two-way quotes are in – bid-ask spread of N1, because why not? And the market has become a 9-to-4 show, Nigerian time.
In simpler terms, Nigeria seems to be letting the Naira dance freely. It’s like the government opened the forex market gates and said, “Go wild!”
Is this a game-changer or just another twist in the financial plot? Stay tuned, because Gatekeepers News will keep you in the loop on this economic rollercoaster! 🚀💸