Findwhosabi News brings you the latest on the Dollar to Naira exchange rates for today, April 4, 2024. Our sources have obtained exclusive data on the official exchange rates in Nigeria, including rates from Bureau De Change (BDC) and the Central Bank of Nigeria (CBN).
According to reports from the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦1292.98 per $1 on Tuesday, April 2, 2024, and closed at ₦1262.85 per $1 on Wednesday, April 3, 2024.
However, despite efforts by the CBN to unify the foreign exchange market, the Naira is currently trading as high as ₦1,255 per Dollar on the black market.
In a circular issued on Wednesday, June 14, 2023, the CBN announced the collapse of all FX windows into the Investors and Exporters (I&E) window. This move aimed to streamline FX operations and ensure transparency.
Key highlights from the circular include:
- Abolishment of segmentation, with all segments now consolidated into the I&E window.
- Reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window.
- Proscription of trading limits on oversold FX positions and reintroduction of order-based two-way quotes.
- Operational hours for trades set from 9 a.m to 4 p.m, Nigeria time.
These changes signify a shift towards a free-floating exchange rate system, where market forces determine the value of the Naira without central bank intervention.
Findwhosabi News will continue to monitor developments in Nigeria’s FX market and provide updates as they unfold. Stay tuned for further information on official exchange rates and market trends.