Findwhosabi News has obtained the latest official exchange rates for the US Dollar to Naira in Nigeria today, including rates from Bureau De Change (BDC) and the Central Bank of Nigeria (CBN).
According to data released on the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦928.73 per dollar on Wednesday, January 24, 2024, and closed at ₦882.24 per $1 on the same day.
However, despite the official rates, the Naira is trading significantly higher at ₦1,365 per Dollar in the black market. This is noteworthy, considering the Central Bank of Nigeria’s announcement regarding the unification of all segments of the foreign exchange market.
The CBN, in a circular dated June 14, 2023, declared the abolition of segmentation, collapsing all segments into the Investors and Exporters (I&E) window. The circular stated that applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.
The reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window was emphasized. All eligible transactions were permitted to access foreign exchange at this window. The operational rate for all government-related transactions would be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.
The circular also proscribed trading limits on oversold FX positions, allowing short positions to be hedged with OTC futures. Furthermore, there was a reintroduction of order-based two-way quotes with a bid-ask spread of N1. All transactions were to be cleared by a Central Counter Party (CCP), and the order book was reintroduced to ensure transparency and seamless execution of trades.
The operational hours for trades were specified as 9 a.m to 4 p.m, Nigeria time. The CBN noted that further guidance on the operational changes would be communicated to authorized dealers and the general public in due course.
These operational changes suggest a significant shift in Nigeria’s FX market, indicating a relaxation of control over the Naira, allowing the local currency to float freely based on market forces.