In a recent update on Nigeria’s foreign exchange landscape, Gatekeepers News has obtained the latest Dollar to Naira exchange rates for today, January 23, 2024, encompassing official rates, Bureau De Change (BDC) rates, and Central Bank of Nigeria (CBN) rates.
According to data sourced from the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦928.51 per dollar on Monday, January 22, 2024, and closed at ₦925.34 per $1 on the same day.
However, the black market is witnessing a surge in the Naira to Dollar exchange rate, reaching as high as ₦1,350 per Dollar. This is despite the Central Bank of Nigeria’s recent announcement regarding the unification of all segments of the foreign exchange market.
The apex bank, in a circular dated June 14, 2023, declared the abolition of segmentation, collapsing all segments into the Investors and Exporters (I&E) window. Notably, the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window has been emphasized.
The circular outlined further changes, including the removal of trading limits on oversold FX positions, the reintroduction of order-based two-way quotes with a bid-ask spread of N1, and the reimplementation of an Order Book for transparency in orders and seamless execution of trades.
The operational hours for trades have been set from 9 a.m to 4 p.m, Nigeria time. The CBN mentioned that additional guidance on these operational changes would be communicated to authorized dealers and the public in due course.
These significant shifts in the FX market suggest a relaxation of control over the Naira, allowing it to float freely. A free-floating exchange rate indicates that the government permits market forces to determine the exchange rate without intervention from the central bank.
Stay tuned for further updates on Nigeria’s evolving foreign exchange policies and their impact on the Naira’s value in the global market.