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Naira Gains Against USD 23rd March 2024

Findwhosabi News has obtained the latest official exchange rates for the Dollar to Naira in Nigeria, including rates from both Bureau De Change (BDC) and the Central Bank of Nigeria (CBN).

Official Exchange Rate: According to data from the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦1382.35 per $1 on Thursday, March 21, 2024, and closed at ₦1431.49 per $1 on Friday, March 22, 2024.

Naira

Black Market Rate: Despite the Central Bank of Nigeria’s (CBN) announcement of the unification of all segments of the foreign exchange market, the Naira is trading as high as ₦1,400 per Dollar in the black market.

CBN’s Forex Market Changes: The CBN, in a circular dated June 14, 2023, announced the abolition of segmentation in the FX market, collapsing all segments into the Investors and Exporters (I&E) window. Furthermore, the “Willing Buyer, Willing Seller” model has been reintroduced at the I&E window, allowing eligible transactions to access foreign exchange.

Operational Changes:

  • Government-related transactions will use the weighted average rate of the preceding day’s executed transactions at the I&E window.
  • Trading limits on oversold FX positions are proscribed, with permission to hedge short positions with OTC futures. Limits on overbought positions are set to zero.
  • Order-based two-way quotes are reintroduced, with bid-ask spread of N1.
  • The reintroduction of the Order Book ensures transparency of orders and seamless execution of trades.
  • Operational hours for trades are from 9 a.m to 4 p.m, Nigeria time.

These changes imply a shift towards a free-floating exchange rate regime, where market forces determine the exchange rate, signaling Nigeria’s easing of control over the Naira.

As the Naira continues to navigate through these changes, stakeholders await further guidance on operational adjustments from the CBN. Stay tuned for more updates on Nigeria’s forex market dynamics.

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