In a surprising turn of events, Findwhosabi News has obtained the official dollar to naira exchange rate for today, March 29, 2024. Despite efforts by the Central Bank of Nigeria (CBN) to unify the foreign exchange market, the naira is trading as high as ₦1,300 per dollar at the black market.
According to data released on the FMDQ Security Exchange, the official forex trading portal, the naira opened at ₦1300.43 per $1 on Wednesday, March 27, 2024, and closed at the same rate on Thursday, March 28, 2024.
The CBN had announced the unification of all segments of the foreign exchange market in a circular issued on June 14, 2023. This move collapsed all FX windows into the Investors and Exporters (I&E) window, reintroduced the “Willing Buyer, Willing Seller” model, and prescribed trading limits on oversold FX positions.
Despite these efforts, the black market exchange rate remains stubbornly high, indicating challenges in implementing the CBN’s directives effectively.
This development signifies a significant shift in Nigeria’s FX market dynamics, suggesting a loosening of control over the naira and a move towards a free-floating exchange rate regime.
Stay tuned as Findwhosabi News continues to provide updates on this developing story.