In a breaking development, Findwhosabi News has secured exclusive information on the official exchange rates between the US dollar and the Nigerian Naira for today, January 20, 2024. Our sources have obtained the official rates from various segments of the foreign exchange market, shedding light on the currency’s dynamics.
Official Exchange Rate According to FMDQ Security Exchange: The official data released by the FMDQ Security Exchange, the authoritative forex trading portal, reveals that the Naira commenced trading at ₦909.90 per dollar on Friday, January 19, 2024. The day concluded with the Naira at ₦902.45 per $1 on the same date.
However, in a surprising turn of events, the black market is witnessing the Naira trading as high as ₦1,320 per Dollar, defying the Central Bank of Nigeria’s (CBN) recent announcement regarding the unification of all segments in the foreign exchange market.
CBN’s Recent Directive: The CBN, in a circular issued on June 14, 2023, declared the collapse of all foreign exchange segments into the Investors and Exporters (I&E) window. The circular highlighted key points, including the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window, with operations guided by the established circular dated April 21, 2017.
The circular further outlined measures such as the abolition of segmentation, the introduction of order-based two-way quotes with a bid-ask spread of N1, and the reestablishment of the Order Book to ensure transparency in trading. Notably, the operational hours for trades were specified from 9 a.m to 4 p.m, Nigeria time.
Additionally, the apex bank noted that further guidance on these operational changes would be communicated to authorized dealers and the public in due course.
These significant alterations in the country’s foreign exchange market signal a departure from stringent control, indicating a shift towards a more flexible and market-driven approach to the Naira’s valuation. This move aligns with the concept of a free-floating exchange rate, where market forces solely determine the currency’s value without intervention from the central bank.
Findwhosabi News will continue to monitor and report on developments in the Nigerian foreign exchange market, providing real-time updates on currency fluctuations and policy shifts. Stay tuned for the latest information on this evolving economic landscape.