Findwhosabi News Discovers Official Dollar to Naira Exchange Rates Today, Unveiling CBN’s Latest Moves”
Date: February 24, 2024
In an exclusive report, Gatekeepers News has acquired the official exchange rates for the US dollar to the Nigerian Naira, shedding light on the Bureau De Change (BDC) rates and Central Bank of Nigeria (CBN) rates.
As per the data released by the FMDQ Security Exchange, the official forex trading portal, the Naira exhibited a fluctuating trend. Opening at ₦1498.88 per dollar on Thursday, February 22, 2024, it closed at ₦1665.50 per $1 on Friday, February 23, 2024.
Despite the Central Bank of Nigeria’s (CBN) recent announcement regarding the unification of all segments of the foreign exchange market, the Naira is currently trading at ₦1,860 per Dollar in the black market.
The CBN, through a circular dated June 14, 2023, declared the abolition of segmentation in the foreign exchange market, consolidating all segments into the Investors and Exporters (I&E) window. Transactions related to medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.
Additionally, the CBN reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window. Notably, all eligible transactions can access foreign exchange at this window, with the operational rate for government-related transactions determined by the weighted average rate of the preceding day’s executed transactions at the I&E window.
Other significant changes include the proscription of trading limits on oversold FX positions, permission to hedge short positions with OTC futures, reintroduction of order-based two-way quotes, and the reinstatement of an Order Book for transparency in orders and seamless execution of trades.
The operational hours for trades are set from 9 a.m to 4 p.m, Nigeria time, with the apex bank promising further guidance on the operational changes to be communicated to authorized dealers and the general public in due course.
This recent overhaul in the country’s FX market suggests a shift in Nigeria’s approach, allowing the Naira to float freely in the market, in line with a free-floating exchange rate policy where market forces determine the external value of the currency without central bank interference.