In a riveting revelation, Findwhosabi News has seized the latest scoop on the Dollar to Naira exchange rates for April 29, 2024. Hold on to your hats as we unravel the official rates, including the thrilling twists in Nigeria’s forex market.
The official data disclosed by the FMDQ Security Exchange, the pinnacle of forex trading portals, exposes a jaw-dropping saga. Brace yourselves: the Naira stormed the scene, opening at a staggering ₦1346.35 per $1 on Thursday, April 25, only to leave spectators breathless as it concluded at ₦1339.23 per $1 on Friday, April 26, 2024.
But wait, there’s more to this saga! Despite the Central Bank of Nigeria’s (CBN) clarion call for unification in the forex market, the Naira dances to its own beat, soaring to unprecedented heights of ₦1,300 per Dollar in the shadowy realms of the black market.
In a historic circular dating back to Wednesday, June 14, 2023, the apex bank laid down the law: all FX windows crumble before the mighty Investors and Exporters (I&E) window. The “Willing Buyer, Willing Seller” model emerges from the ashes, heralding a new era of forex freedom.
But hold onto your hats, folks! The plot thickens with the apex’s decree: no more trading limits on oversold FX positions, and bid-ask spreads tightening to a tantalizing N1. Transparency reigns supreme with the reintroduction of the Order Book, ensuring a seamless ballet of bids and asks.
In a daring move, Nigeria flings open the gates of its FX market, allowing the Naira to pirouette freely in the tempestuous sea of currency exchange. It’s a saga of liberty as Nigeria embraces the concept of a free-floating exchange rate, relinquishing control to the whims of the market.
Stay tuned as Findwhosabi News continues to unravel the twists and turns in Nigeria’s forex odyssey.