Today, April 24, 2024, Findwhosabi News brings you the latest scoop on the Dollar to Naira exchange rate. Buckle up for some eye-opening revelations!
The official figures, hot off the press, reveal a dynamic landscape. According to data from the FMDQ Security Exchange, the Naira kicked off at ₦1206.83 per $1 on April 22, 2024. Fast forward to April 23, 2024, and it closed at ₦1300.15 per $1. But hold your horses! The plot thickens as the Naira flexes its muscles, trading as high as ₦1,260 per Dollar in the black market.
What’s the deal with this rollercoaster ride, you ask? Well, it all boils down to the Central Bank of Nigeria (CBN) shaking things up. Picture this: on June 14, 2023, the CBN dropped a bombshell, declaring the unification of all foreign exchange market segments. Yes, you heard it right – no more segmentation shenanigans!
Under the hood, the CBN reintroduced the “Willing Buyer, Willing Seller” model, signaling a seismic shift in the forex landscape. Brace yourselves for order-based two-way quotes and bid-ask spreads tighter than ever, all under the watchful eye of a Central Counter Party (CCP).
But wait, there’s more! Say hello to a transparent Order Book and extended trading hours from 9 a.m. to 4 p.m. Nigeria time. It’s a whole new ball game, folks!
In essence, Nigeria is loosening its grip on the Naira, paving the way for a free-floating exchange rate. Translation? Market forces are calling the shots, and the CBN is letting the chips fall where they may.
So, there you have it – the Dollar to Naira saga unfolds before your very eyes. Stay tuned as Findwhosabi News continues to decode the mysteries of the forex universe.