In a significant update on Nigeria’s currency landscape, Findwhosabi News has secured the latest official exchange rates for the Dollar to Naira, including both Bureau De Change (BDC) rates and Central Bank of Nigeria (CBN) rates.
So, What’s the Official Exchange Rate for Dollar to Naira Today?
According to data sourced from the FMDQ Security Exchange, the official forex trading portal, the Naira opened at an impressive ₦1239.88 per $1 on Monday, April 8, 2024, and closed at a robust ₦1142.38 per $1 on Friday, April 12, 2024.
However, the currency market paints a dynamic picture, with the Naira currently soaring to as high as ₦1,150 per Dollar in the black market, despite the recent announcement by the Central Bank of Nigeria (CBN) regarding the unification of all segments of the foreign exchange market.
In a pivotal circular issued on Wednesday, June 14, 2023, the apex bank declared the abolition of segmentation, consolidating all FX windows into the Investors and Exporters (I&E) window.
The statement outlined various operational adjustments, including the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window and the proscription of trading limits on oversold FX positions.
Furthermore, the reintroduction of order-based two-way quotes with a bid-ask spread of N1, along with the reinstatement of the Order Book for transparency, signifies a significant shift in Nigeria’s FX market operations.
These changes signal a notable easing of control over the Naira, allowing the local currency to float freely in response to market dynamics. With Nigeria embracing a free-floating exchange rate system, the stage is set for a more dynamic and responsive currency market, driven by market forces rather than central bank intervention.