In a dramatic turn of events, today’s Dollar to Naira exchange rate has sparked a whirlwind of reactions across Nigeria. As the nation wakes up to economic shifts, Findwhosabi News brings you the latest on the financial front.
According to exclusive data obtained by Findwhosabi News, the official exchange rate between the Naira and the US Dollar has been unveiled. On the reputable FMDQ Security Exchange portal, it was revealed that the Naira kicked off at an impressive ₦1138.82 per $1 on Thursday, April 18, 2024. However, closing figures from Friday, April 19, 2024, showed a staggering leap to ₦1169.99 per $1.
Yet, amidst these official figures lies a tale of two markets. Despite the Central Bank of Nigeria’s (CBN) recent announcement of streamlining all foreign exchange segments, the black market paints a contrasting picture. Today, the Naira is commanding as high as ₦1,230 per Dollar in the shadowy realm of unofficial exchanges.
This seismic shift stems from a bold move by the apex bank. In a circular dated Wednesday, June 14, 2023, the CBN declared the collapse of all FX windows into the Investors and Exporters (I&E) window. This declaration marks a pivotal moment in Nigeria’s economic landscape, signaling a departure from segmented approaches.
Key highlights of the circular include the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window and the proscription of trading limits on oversold FX positions. Moreover, the operational hours for trades have been streamlined from 9 a.m to 4 p.m, Nigeria time.
These changes represent a seismic shift in Nigeria’s FX market dynamics, heralding a new era of flexibility and transparency. With the Naira now allowed to float freely, the nation braces itself for the impact of market-driven forces on its currency’s value.
Stay tuned to Findwhosabi News for real-time updates and expert analysis on Nigeria’s evolving economic landscape.