The official exchange rate for the Naira against the US Dollar has been reported by Findwhosabi News. According to FMDQ Security Exchange data, the Naira opened at ₦1481.32 per $1 on Friday, June 7, and closed at ₦1483.63 per $1 on Monday, June 10, 2024. Meanwhile, in the black market, the Naira is trading as high as ₦1,470 per Dollar.
The Central Bank of Nigeria (CBN) has unified all foreign exchange market segments into the Investors & Exporters (I&E) window. This change, announced on June 14, 2023, means that all FX transactions, including those for medicals, school fees, and SMEs, will be processed through deposit money banks. The CBN has reintroduced the “Willing Buyer, Willing Seller” model for I&E transactions.
These reforms aim to let the Nigeria currency float freely by relying solely on market forces to determine its exchange rate, without central bank intervention. The operational changes also include updated trading hours, order-based two-way quotes, and transparent order execution to enhance market efficiency. Further guidance from the CBN will be provided to authorized dealers and the public.
