In a recent update by Findwhosabi News, the official exchange rates for the Dollar to Naira in Nigeria for today, February 20, 2024, have been obtained, encompassing rates from both Bureau De Change (BDC) and Central Bank of Nigeria (CBN).
Official Exchange Rate According to FMDQ Security Exchange:
Data from the FMDQ Security Exchange, the official forex trading portal, indicates that the Naira started the day at ₦1574.62 per dollar on February 19, 2024, and closed at ₦1551.24 per $1 on February 20, 2024.
Discrepancy in the Black Market:
Despite the Central Bank of Nigeria’s announcement of the unification of all segments of the foreign exchange market, the Naira is reportedly trading as high as ₦1,655 per Dollar in the black market.
The Central Bank of Nigeria (CBN) had previously declared the abolition of segmentation, collapsing all segments into the Investors and Exporters (I&E) window. In a circular dated June 14, 2023, the apex bank outlined key changes, including the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window and the proscription of trading limits on oversold FX positions.
Other operational adjustments include the reintroduction of order-based two-way quotes with a bid-ask spread of N1, the reimplementation of the Order Book for transparency, and the establishment of operational hours from 9 a.m to 4 p.m, Nigeria time.
These changes signal a significant shift in Nigeria’s approach to its FX market, suggesting a more liberal stance on the Naira, allowing it to freely float in response to market forces. Further guidance on operational changes is expected to be communicated to authorized dealers and the general public in the near future.