Findwhosabi News – In a significant development affecting the financial landscape, the official exchange rates for the Dollar to Naira were disclosed today, January 14, 2024. Findwhosabi News has acquired the latest rates from various sources, shedding light on the complex dynamics within Nigeria’s foreign exchange market.
Official Exchange Rate According to FMDQ Security Exchange:
According to data released by the FMDQ Security Exchange, the official forex trading portal, the Naira commenced trading at ₦935.62 per dollar on Friday, January 12, 2024. The day concluded with the Naira at ₦890.54 per $1 on the same date. These figures reveal the official stance in the ongoing fluctuations within the currency exchange landscape.
Discrepancy with Black Market Rates:
Contrastingly, the black market reflects a different scenario, with the Naira trading as high as ₦1,175 per Dollar. Despite the Central Bank of Nigeria’s (CBN) recent announcement of unifying all segments of the foreign exchange market, the disparity in rates continues to persist.
CBN Implements Operational Changes:
The apex bank, in a circular dated June 14, 2023, declared the collapse of all foreign exchange segments into the Investors and Exporters (I&E) window. Noteworthy changes include the reintroduction of the “Willing Buyer, Willing Seller” model, proscriptive trading limits on oversold FX positions, and the reintroduction of order-based two-way quotes.
Further operational adjustments involve the determination of the operational rate for government-related transactions, clearing transactions through a Central Counter Party (CCP), and reinstating the Order Book for transparent trade execution. The operational hours for trades are now set from 9 a.m to 4 p.m, Nigeria time.
The apex bank has indicated that additional guidance on these operational changes will be communicated to authorized dealers and the public in the coming days.
These modifications signify a notable shift in Nigeria’s foreign exchange policies, suggesting a move towards a more liberalized approach, allowing the Naira to float freely in the market. The adoption of a free-floating exchange rate indicates a departure from direct central bank interventions, relying instead on market forces to determine currency values.
Findwhosabi News will continue to monitor and report on the evolving situation surrounding the Dollar to Naira exchange rates as Nigeria navigates these new forex measures.