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Naira Gains Against USD 27TH Jan 2024

In a recent development, Findwhosabi News has acquired the latest official exchange rates for the dollar to naira in Nigeria, shedding light on the Bureau De Change (BDC) rate and Central Bank of Nigeria (CBN) rates.

According to data released on the FMDQ Security Exchange, the official forex trading portal, the exchange rate between the Naira and the US dollar unveiled that the Naira commenced trading at ₦824.58 per dollar on Friday, January 26, 2024. It concluded the day at ₦891.90 per $1 on the same date.

Dollar to naira

However, a stark contrast is observed in the black market where the Naira is being traded at a considerably higher rate of ₦1,415 per Dollar. This persists despite the CBN’s announcement to unify all segments of the foreign exchange market.

The CBN had issued a circular on June 14, 2023, stating the collapse of all FX windows into the Investors and Exporters (I&E) window. The circular included key points:

  • Abolishment of segmentation, consolidating all segments into the I&E window.
  • Reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window.
  • Operational rate for government-related transactions to be the weighted average rate of the preceding day’s executed transactions.
  • Proscription of trading limits on oversold FX positions, with permission to hedge short positions with OTC futures.
  • Reintroduction of order-based two-way quotes, with a bid-ask spread of N1.
  • Operational hours from 9 a.m to 4 p.m, Nigeria time.

These changes signify a significant shift in Nigeria’s approach to its foreign exchange market, indicating a move toward a free-floating exchange rate. In a free-floating exchange rate system, the government allows the exchange rate to be determined by market forces, relinquishing attempts to influence the external value of the currency.

The CBN emphasized that further guidance on operational changes would be communicated to authorized dealers and the general public in due course. The unfolding scenario suggests a notable easing of control over the naira, allowing the local currency to fluctuate freely in response to market dynamics.

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