In a recent update by Findwhosabi News, the Dollar to Naira exchange rate for February 12, 2024, has been revealed, encompassing official rates from the Central Bank of Nigeria (CBN) as well as the Bureau De Change (BDC).
According to data sourced from the FMDQ Security Exchange, the official forex trading portal, the Naira began the day at ₦1451.37 per dollar on February 8, 2024, and concluded at ₦1469.97 per $1 on February 9, 2024.
Despite the Central Bank’s announcement regarding the unification of all foreign exchange market segments, the Naira is observed trading as high as ₦1,455 per Dollar in the black market.
The CBN had previously declared the collapse of all FX windows into the Investors and Exporters (I&E) window in a circular dated June 14, 2023. This move includes the re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window and the abolition of trading limits on oversold FX positions.
Moreover, the apex bank has reintroduced order-based two-way quotes with a bid-ask spread of N1, emphasizing transparency through the reintroduction of an Order Book. Operational hours for trades have been set from 9 a.m to 4 p.m, Nigeria time.
These operational changes signify a shift in Nigeria’s control over the Naira, allowing the local currency to float freely in the market. The free-floating exchange rate is characterized by the government permitting market forces to determine the exchange rate without attempting to influence it through the central bank. Further guidance on these operational adjustments is expected to be communicated to authorized dealers and the public in due course.