In a stunning revelation today, Findwhosabi News has uncovered the official exchange rate between the Dollar and the Naira for March 21, 2024. Hold onto your hats as we dive into the latest figures.
According to exclusive data from the FMDQ Security Exchange, the Naira kicked off the day at ₦1,583.54 per $1 on Tuesday, March 19, 2024. But wait, there’s more! By the end of trading on Wednesday, March 20, 2024, it closed at ₦1,492.61 per $1. Talk about a rollercoaster ride!
But hold onto your seats because the plot thickens. Despite the Central Bank of Nigeria’s (CBN) recent move to unify the foreign exchange market, the Naira is making waves at the black market, hitting a high of ₦1,400 per Dollar. What’s going on behind the scenes?
In a groundbreaking circular dated June 14, 2023, the CBN announced the collapse of all FX windows into the Investors and Exporters (I&E) window. That’s right, folks, it’s all going down in one place now!
But wait, there’s more! The CBN is shaking things up with the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window. It’s a game-changer, folks, with operations guided by the rules set back in April 2017.
But that’s not all! Get ready for the proscription of trading limits on oversold FX positions and the reintroduction of order-based two-way quotes. It’s a whirlwind of changes in the FX market!
And guess what? The operational hours? From 9 a.m to 4 p.m, Nigeria time. It’s non-stop action, folks!
What does this mean for Nigeria? It’s a sign of easing control, allowing the Naira to dance freely in the market. That’s right, a free-floating exchange rate where market forces call the shots. It’s a brave new world for the Naira, and we’re here to witness every twist and turn! Stay tuned for further updates as the story unfolds.