Apex Bank Unifies Exchange Rates, Naira Trades at ₦1479.47 per Dollar
In a recent update, Findwhosabi News has obtained the official exchange rates for Dollar to Naira in Nigeria today, February 9, 2024. The report includes rates from both Bureau De Change (BDC) and the Central Bank of Nigeria (CBN).
Official Exchange Rate According to FMDQ:
Data released on the FMDQ Security Exchange, the official forex trading portal, reveals that the Naira opened at ₦1418.78 per dollar on Thursday, February 8, 2024, and closed at ₦1479.47 per $1 on the same day.
Market Dynamics:
Despite the Central Bank of Nigeria’s announcement regarding the unification of all segments of the foreign exchange market, the Naira is currently trading as high as ₦1,455 per Dollar in the black market.
CBN’s Forex Market Unification:
The apex bank, in a circular dated June 14, 2023, disclosed the collapse of all FX windows into the Investors and Exporters (I&E) window. This included the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window, with operations guided by the extant circular dated April 21, 2017.
Operational Changes and Implications:
The circular outlined several changes, including the abolition of segmentation, the introduction of order-based two-way quotes with a bid-ask spread of N1, and the reintroduction of the Order Book for transparency and seamless execution of trades. Notably, the operational hours for trades were specified as 9 a.m to 4 p.m, Nigeria time.
The Central Bank of Nigeria stated that further guidance on operational changes would be communicated to authorized dealers and the general public in due course. The adjustments in the country’s FX market signify a relaxation of control over the Naira, allowing the local currency to freely float.
Free-Floating Exchange Rate:
A free-floating exchange rate, as explained, occurs when a government allows the exchange rate to be determined purely by market forces, without attempting to influence it through the central bank.
Findwhosabi News will continue to monitor developments in Nigeria’s foreign exchange market and provide timely updates to its readers