In a surprising turn of events, the Dollar to Naira exchange rate has soared to unprecedented heights, defying the Central Bank of Nigeria’s (CBN) efforts to unify the forex market segments.
Finswhosabi News has exclusively obtained today’s official Dollar to Naira exchange rates, shedding light on the current economic landscape in Nigeria.
According to data released by the FMDQ Security Exchange, the Nigeria currency kicked off today’s trading session at a staggering ₦1258.45 per $1. Despite the CBN’s recent directive to merge all FX segments into the Investors and Exporters (I&E) window, the Naira continued its ascent, closing at ₦1251.05 per $1 on Friday, April 05, 2024.
Surprisingly, the Nigeria currency is now trading as high as ₦1,250 per Dollar at the black market, leaving experts and investors puzzled by the market’s defiance against the CBN’s efforts to streamline FX operations.
In a circular issued on Wednesday, June 14th, 2023, the CBN announced sweeping changes to Nigeria’s FX market structure. The abolishment of segmentation and reintroduction of the “Willing Buyer, Willing Seller” model at the I&E window were touted as measures to enhance market efficiency.
The recent operational changes signify Nigeria’s shift towards a free-floating exchange rate regime, where market forces dictate the Naira’s external value. Despite these measures, the Naira’s surge against the Dollar highlights the complexities of navigating the country’s FX market.
Stay tuned to Findwhosabi News for further updates on Nigeria’s evolving economic landscape.