In a recent development, Findwhosabi News has acquired the latest official exchange rates for the Dollar to Naira as of today, February 15, 2024. The data encompasses the Bureau De Change (BDC) rates and Central Bank of Nigeria (CBN) rates, shedding light on the current financial landscape.
Official Exchange Rate Highlights:
According to information released by the FMDQ Security Exchange, the official forex trading portal, the Naira commenced trading at ₦1512.44 per dollar on Tuesday, February 13, 2024. It subsequently closed at ₦1503.38 per $1 on Wednesday, February 14, 2024.
Despite the Central Bank of Nigeria’s (CBN) announcement of the unification of all segments of the foreign exchange market, the Naira is reportedly trading as high as ₦1,490 per Dollar in the black market.
CBN’s Policy Changes:
The apex bank, through a circular issued on June 14, 2023, declared the abolition of segmentation in the foreign exchange market. All segments are now consolidated into the Investors and Exporters (I&E) window. Transactions related to medicals, school fees, BTA/PTA, and SMEs will continue to be processed through deposit money banks.
The reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window has been implemented, guided by a circular dated April 21, 2017. Government-related transactions will be based on the weighted average rate of the preceding day’s executed transactions at the I&E window.
Other notable changes include the proscription of trading limits on oversold FX positions, the reintroduction of order-based two-way quotes with a bid-ask spread of N1, and the revival of the Order Book to ensure transparency and seamless execution of trades.
The operational hours for trades have been set from 9 a.m to 4 p.m, Nigeria time, with the apex bank indicating that further guidance on the operational changes will be communicated to authorized dealers and the general public in due course.
These operational adjustments signify a loosening of Nigeria’s control over the Naira, allowing the local currency to freely fluctuate in response to market forces—a move towards a free-floating exchange rate system.