In a significant move impacting the financial landscape of Nigeria, Findwhosabi News has obtained exclusive data revealing the official dollar to naira exchange rates for today, April 2, 2024. These rates encompass various segments, including the Bureau De Change (BDC) and Central Bank of Nigeria (CBN) rates.
According to the latest figures released by the FMDQ Security Exchange, the official forex trading portal, the exchange rate between the Naira and the US dollar showcases a dynamic trend. On Wednesday, March 27, 2024, the Naira commenced trading at ₦1328.51 per $1, and by Thursday, March 28, 2024, it closed at ₦1309.39 per $1.
However, despite efforts by the Central Bank of Nigeria (CBN) to unify the foreign exchange market segments, the Naira is currently trading as high as ₦1,280 per Dollar in the black market.
The CBN, in a circular issued on June 14, 2023, announced the collapse of all FX windows into the Investors and Exporters (I&E) window. This move aims to streamline operations and promote transparency in the forex market.
Key highlights of the circular include:
- Abolishment of segmentation, consolidating all segments into the Investors and Exporters (I&E) window.
- Reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window.
- Proscription of trading limits on oversold FX positions, with permission to hedge short positions with OTC futures.
- Reintroduction of order-based two-way quotes with a bid-ask spread of N1.
- Operational hours from 9 a.m to 4 p.m, Nigeria time.
These operational changes signify a shift towards a more liberalized foreign exchange system in Nigeria, allowing the Naira to float freely against the Dollar and other currencies.
A free-floating exchange rate regime empowers market forces to determine the exchange rate, without direct intervention from the central bank. This move reflects Nigeria’s commitment to fostering a more dynamic and market-driven economy.
Stay tuned as further guidance on these operational changes will be communicated to authorized dealers and the public, shaping the future landscape of Nigeria’s forex market.