In a significant development, Gatekeepers News has obtained the latest official exchange rates for the Nigerian Naira against the US Dollar, encompassing the Bureau De Change (BDC) rates and Central Bank of Nigeria (CBN) rates.
As of today, Thursday, February 22, 2024, data from the FMDQ Security Exchange, the official forex trading portal, reveals that the Naira commenced trading at ₦1498.88 per dollar. The market witnessed a notable fluctuation, closing at ₦1665.50 per $1 on Friday, February 23, 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 ₦1,650 per Dollar in the black market.
The CBN, in a circular dated June 14, 2023, declared the abolition of segmentation, consolidating all market segments into the Investors and Exporters (I&E) window. Noteworthy policy changes include the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window, the removal of trading limits on oversold FX positions, and the implementation of a bid-ask spread of N1 in order-based two-way quotes.
The operational hours for trades at the I&E window are specified as 9 a.m to 4 p.m, Nigeria time. The CBN emphasizes that further guidance on operational changes will be communicated to authorized dealers and the public in due course.
These alterations in Nigeria’s foreign exchange market signify a shift towards a free-floating exchange rate system. A free-floating exchange rate allows the market forces to determine the exchange rate without direct intervention from the government or central bank, indicating a more liberal approach to the control of the Naira.