In a significant revelation today, Findwhosabi News brings you the latest scoop on the Dollar to Naira exchange rates for March 30, 2024.
According to exclusive data sourced from the FMDQ Security Exchange, the official forex trading portal, the Naira kicked off at an impressive ₦1300.43 per $1 on Wednesday, March 27, 2024. Surprisingly, it maintained its strength, closing at the same rate on Thursday, March 28, 2024.
However, amidst these official figures, a startling trend emerged in the black market, where the Naira soared to as high as ₦1,280 per Dollar. This surge comes despite the Central Bank of Nigeria (CBN) announcing a unified approach to the foreign exchange market.
In a game-changing move disclosed via a circular on June 14, 2023, the CBN declared the collapse of all FX segments into the Investors and Exporters (I&E) window. This consolidation aimed at streamlining operations and enhancing transparency.
Key highlights from the circular include the re-introduction of the “Willing Buyer, Willing Seller” model, the elimination of trading limits on oversold FX positions, and the implementation of order-based two-way quotes with a minimal bid-ask spread of N1.
Moreover, operational rates for government-related transactions will now be based on the weighted average rate from previous day transactions at the I&E window.
These sweeping changes signify a notable shift in Nigeria’s approach to its currency management, indicating a move towards a more liberalized exchange rate regime.
In essence, Nigeria appears to be embracing a free-floating exchange rate system, relinquishing control to market dynamics, and fostering a climate of greater financial autonomy.
Stay tuned as Findwhosabi News continues to unravel the latest developments in Nigeria’s dynamic economic landscape.