Today, Findwhosabi News brings you the latest on Nigeria’s forex market. As of June 14, 2024, the official dollar to naira exchange rate stands at ₦1479.40 per $1, based on data from the FMDQ Security Exchange. This follows recent adjustments, where the Naira closed at ₦1476.24 per $1 on June 13.
Despite the Central Bank of Nigeria’s (CBN) directive to unify all forex market segments into the Investors and Exporters (I&E) window, the black market rate is reported at ₦1470 per Dollar. The CBN’s reforms aim to streamline currency operations, reintroducing a “Willing Buyer, Willing Seller” model and removing trading limits on oversold FX positions.
These changes mark a significant shift towards a more flexible exchange rate regime in Nigeria, emphasizing market-driven pricing mechanisms over central bank interventions. Further updates on operational guidelines are expected to be communicated to authorized dealers and the public in the coming days.
