In a seismic turn of events, Findwhosabi News has seized the latest intel on the Dollar to Naira exchange rate as of March 5, 2024. Brace yourselves as we dissect the official rates, the clandestine black market trends, and a groundbreaking shift in Nigeria’s forex landscape

Official Exchange Rate Unveiled: Naira’s Dance with the Dollar!

According to data fresh off the press from the FMDQ Security Exchange, the official forex trading portal, the Naira kicked off the week at ₦1567.65 per dollar on March 2, 2024. Fast forward to Monday, March 4, and it closed at ₦1534.19 per $1, painting a vivid picture of the Naira’s dance with the mighty Dollar.

Black Market Frenzy: Naira Hits ₦1,600 Per Dollar

Hold onto your hats as the Naira takes a rollercoaster ride at the black market, soaring to ₦1,600 per Dollar! Surprisingly, this spike comes in the wake of the Central Bank of Nigeria’s announcement to unify all segments of the foreign exchange market.

Forex Market Overhaul: Nigeria’s Currency Unleashed!

In a watershed moment, the apex bank declared the abolition of segmentation on June 14, 2023, collapsing all FX windows into the Investors and Exporters (I&E) window. Medicals, school fees, BTA/PTA, and SME transactions find their home through deposit money banks, while a “Willing Buyer, Willing Seller” model takes center stage.

Nigeria’s Forex Revolution Unveiled: What You Need to Know!

The operational changes usher in a new era, allowing the Naira to float freely, breaking away from controlled constraints. Order-based two-way quotes, transparent order books, and a bid-ask spread of N1 paint a vivid picture of a liberated forex market.

What Lies Ahead: Nigeria’s Forex Future Revealed!

As Nigeria eases its grip on the Naira, embracing a free-floating exchange rate determined by market forces, the nation stands at the cusp of a financial evolution. Stay tuned as further guidance on these monumental shifts is set to unfold, reshaping the very fabric of Nigeria’s economic landscape!