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Naira Struggles Against Dollar as Black Market Soars!

In a whirlwind of financial shifts, today’s exchange rate between the Dollar and the Naira has sent shockwaves across Nigeria. Findwhosabi News has exclusively obtained the official rates for March 25, 2024, shedding light on a tumultuous market.

According to data from the FMDQ Security Exchange, the Naira kicked off the day at ₦1382.35 per $1 on March 21, 2024. However, by March 22, 2024, it had weakened further, closing at ₦1431.49 per $1. These figures highlight a concerning trend for the Naira’s stability against the almighty Dollar.

Naira

Adding fuel to the fire, reports indicate that the Naira is soaring to dizzying heights at the black market, hitting as high as ₦1,400 per Dollar. This surge comes despite the Central Bank of Nigeria (CBN) announcing a unification of all foreign exchange market segments.

In a bold move, the CBN collapsed all FX windows into the Investors and Exporters (I&E) window, marking a significant shift in Nigeria’s forex landscape. This decision, announced via circular on June 14, 2023, aimed to streamline operations and foster a more transparent market.

Key changes include the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window and the proscription of trading limits on oversold FX positions. Additionally, the operational hours were set from 9 a.m to 4 p.m, Nigeria time, signaling a new era in forex trading.

These changes suggest a loosening of Nigeria’s grip on the Naira, ushering in a free-floating exchange rate system. Such a system allows market forces to dictate the Naira’s value, with minimal intervention from the central bank.

As the Naira grapples with the Dollar’s dominance, citizens and investors alike brace for further turbulence in Nigeria’s financial landscape. Stay tuned as Findwhosabi News continues to monitor this evolving situation, providing you with the latest updates and insights.

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