In a dynamic turn of events, the Nigerian Naira experiences fluctuations against the US Dollar today, March 14, 2024, amidst significant changes in the foreign exchange (FX) market landscape.
Findwhosabi News has obtained exclusive details on the official exchange rates for the Dollar to Naira, encompassing various segments of the FX market.
According to data released by the FMDQ Security Exchange, the Naira kicked off trading at ₦1612.75 per dollar on Monday, March 11, 2024, and closed at ₦1603.38 per dollar on Tuesday, March 12, 2024.
However, the Naira’s performance takes an intriguing turn as it is reported to be trading as high as ₦1,623 per Dollar in the black market. This surge occurs despite the Central Bank of Nigeria’s (CBN) recent announcement regarding the unification of all FX market segments.
In a circular issued on Wednesday, June 14, 2023, the CBN declared the abolition of segmentation, consolidating all segments into the Investors and Exporters (I&E) window. The reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window was emphasized, allowing eligible transactions to access foreign exchange.
Additional operational adjustments outlined by the apex bank include the reintroduction of order-based two-way quotes and the reinstatement of the Order Book to ensure transparency and seamless execution of trades.
The changes signify a shift towards a free-floating exchange rate regime, indicating a departure from stringent control measures, allowing market forces to dictate the Naira’s value against the Dollar.
As the FX market undergoes transformation, stakeholders anticipate further guidance on operational changes from authorized dealers and the general public. The evolving landscape underscores Nigeria’s commitment to fostering a more flexible and market-driven approach to currency valuation. Stay tuned for more updates on Nigeria’s FX market developments.