In an exclusive report by Findwhosabi News, the official dollar to naira exchange rates for today, April 11, 2024, have been unveiled, revealing a dynamic landscape in Nigeria’s forex arena.
According to data sourced from the FMDQ Security Exchange, the Naira kicked off the trading day at a robust ₦1255.47 per $1 on Friday, April 5, 2024. However, the week closed with a slight dip as the Naira concluded Monday, April 8, 2024, at ₦1230.61 per $1.
But here’s where it gets intriguing – despite the Central Bank of Nigeria’s (CBN) recent move to streamline the forex market, the Naira is gyrating on the black market, hitting as high as ₦1,250 per Dollar. This surge comes in the wake of the CBN’s announcement on Wednesday, June 14, 2023, of collapsing all FX segments into the Investors and Exporters (I&E) window.
The CBN’s circular mandated the revival of the “Willing Buyer, Willing Seller” model at the I&E Window, signaling a pivotal shift in Nigeria’s forex landscape. Notably, transactions at this window are now subject to the operational rate, which is the weighted average of the preceding day’s executed transactions.
Moreover, the CBN has eased its grip on the naira, ushering in a free-floating exchange rate regime. This policy shift allows market forces to dictate the naira’s external value, marking a significant departure from previous interventions.
In essence, Nigeria’s forex market is witnessing a paradigm shift towards transparency and market-driven dynamics. Stay tuned as Findwhosabi News continues to unravel the twists and turns in the ever-evolving saga of Naira’s exchange rates.