Findwhosabi News has just obtained exclusive information on the official exchange rate between the Dollar and Naira in Nigeria today. Here’s what you need to know:
According to data from the FMDQ Security Exchange, the official forex trading portal, the Naira opened at ₦1420.76 per $1 on Monday, March 25, 2024, and closed at ₦1382.95 per $1 on Tuesday, March 26, 2024.
However, despite efforts by the Central Bank of Nigeria (CBN) to unify all segments of the foreign exchange market, the Naira is currently trading as high as ₦1,340 per Dollar in the black market.
The CBN had announced the collapse of all FX windows into the Investors and Exporters (I&E) window in a circular dated Wednesday, June 14, 2023. This move included the reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window.
Key changes include:
- Abolishment of segmentation.
- Re-introduction of order-based two-way quotes.
- Proscription of trading limits on oversold FX positions.
- Operational hours from 9 a.m to 4 p.m.
These changes imply that Nigeria has eased its control of the Naira, allowing the local currency to float freely in the market.
A free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces, without intervention from the central bank.
Stay tuned for further updates as the situation develops.