CBN’s Unification Move Faces Challenges as Disparities Emerge
In an exclusive report, Findwhosabi News has obtained the official dollar to the naira exchange rates in Nigeria for today, including data on Bureau De Change (BDC) rates and Central Bank of Nigeria (CBN) rates.
Official Exchange Rate: The exchange rate between the Naira and the US dollar, as reported by the FMDQ Security Exchange, the official forex trading portal, indicates that the Naira opened at ₦- per dollar on Monday, January 29, 2024. It subsequently closed at ₦1,348.62 per $1 on Friday, January 29, 2024.
Discrepancies in the Black Market: Despite the official rates, discrepancies persist in the black market, with the Naira trading as high as ₦1,425 per Dollar. This development comes despite the Central Bank of Nigeria’s (CBN) recent announcement regarding the unification of all segments of the foreign exchange market.
CBN’s Unification Efforts: The CBN, in a circular dated Wednesday, June 14, 2023, declared the consolidation of all FX windows into the investors & exporters (I&E) window. This move was aimed at streamlining and unifying the foreign exchange market to promote transparency and reduce market distortions.
However, the current disparities in the exchange rates suggest that challenges persist in achieving a uniform exchange rate across all segments of the market. The discrepancies raise questions about the effectiveness of the CBN’s unification efforts and the impact on the Naira’s value.
Findwhosabi News will continue to monitor the situation and provide updates on any developments regarding the Naira’s exchange rates. Stay tuned for comprehensive coverage on Nigeria’s currency market.
By Findwhosabi News Team: Keeping You Informed, Every Step of the Way.