In a riveting turn of events, Findwhosabi News has just unearthed the latest scoop on the Dollar to Naira exchange rate for today, March 26, 2024.
Hold onto your hats as we divulge the exclusive details obtained on the official dollar to naira exchange rate in Nigeria. Brace yourselves for a rollercoaster ride through the world of currency fluctuations!
According to data freshly released on the FMDQ Security Exchange, the official forex trading portal, the Naira kicked off its day at an intriguing ₦1422.85 per $1 on Friday, March 22, 2024. Fast forward to today, and it’s closing at a tantalizing ₦1408.04 per $1 as of Monday, March 26, 2024.
But wait, there’s more! Despite the Central Bank of Nigeria’s (CBN) valiant efforts to unify all segments of the foreign exchange market, the Naira is staging a rebellious uprising. Reports indicate it’s soaring as high as ₦1,350 per Dollar on the black market, defying the CBN’s attempts at control.
In a groundbreaking move, the apex bank declared the abolishment of segmentation, collapsing all segments into the Investors and Exporters (I&E) window. This seismic shift, announced via a circular on Wednesday, June 14, 2023, aims to streamline FX operations and inject transparency into the market.
But that’s not all – buckle up for the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window, promising a level playing field for all eligible transactions. With trading limits on oversold FX positions proscribed and a reintroduction of order-based two-way quotes, the FX landscape is undergoing a dramatic facelift.
This overhaul signals Nigeria’s bold step towards a free-floating exchange rate, where market forces reign supreme without the heavy hand of central bank intervention.