In a dramatic turn of events, Findwhosabi News has unearthed the latest Dollar to Naira exchange rates, revealing a rollercoaster ride in the Nigerian currency’s value on March 9, 2024.
📊 Official Forex Figures Unveiled
The highly anticipated data from the FMDQ Security Exchange, the official forex trading portal, showcases the Naira’s performance against the US Dollar. Opening at a captivating ₦1611.14 per dollar on Thursday, March 7, 2024, the Naira saw a bold closing at ₦1627.40 per $1 on Friday, March 8, 2024.
🌐 Black Market Mysteries
Despite the Central Bank of Nigeria’s (CBN) recent proclamation of unifying all segments of the foreign exchange market, the Naira dances at a high of ₦1,600 per Dollar in the clandestine realms of the black market.
🔄 CBN’s Game-Changing Moves
In a game-changing circular issued on June 14, 2023, the CBN abolished segmentation, folding all FX windows into the Investors and Exporters (I&E) window. The reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window shook the forex landscape.
🔍 Transparent Trading Unveiled
Order-based two-way quotes, bid-ask spreads of N1, and the reintroduction of the Order Book promise unprecedented transparency in forex operations. With operational hours from 9 a.m to 4 p.m, Nigeria time, the CBN has unleashed a new era in forex trading.
🔄 Naira’s Liberation
These monumental changes signify Nigeria’s bold step in relinquishing control over the Naira, allowing it to freely float. The free-floating exchange rate marks a significant shift, where market forces determine the currency’s value without intervention from the central bank.
🗣️ CBN Promises More Guidance
As the dust settles, the apex bank assures further guidance on operational changes to both authorized dealers and the public. Stay tuned for more updates on Nigeria’s evolving financial landscape!
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