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Official Exchange Rates and Naira Dynamics Unveiled!

In a seismic shift in Nigeria’s foreign exchange (FX) arena, Findwhosabi News brings you the latest on the Dollar to Naira exchange rates for today, March 10, 2024. Hold tight as we unravel the official rates, including insights into the Bureau De Change (BDC) and Central Bank of Nigeria (CBN) rates.

Official Exchange Rate for Dollar to Naira Today:

As per data released on the FMDQ Security Exchange, the Naira opened at a robust ₦1611.14 per dollar on Thursday, March 07, 2024, and closed at ₦1627.40 per $1 on Friday, March 08, 2024. This snapshot provides a glimpse into the dynamic currency market, showcasing the Naira’s resilience against the US dollar.

Dollar to naira

Black Market Fluctuations:

In a surprising turn of events, the Naira is currently trading as high as ₦1,600 per Dollar in the black market. This deviation comes despite the Central Bank of Nigeria’s (CBN) recent announcement of the unification of all FX market segments.

The CBN, in a groundbreaking move, collapsed all FX windows into the Investors and Exporters (I&E) window, signaling a shift towards a more unified and streamlined approach. The circular issued on June 14, 2023, proclaimed the abolition of segmentation and reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window.

Furthermore, the operational changes include the removal of trading limits on oversold FX positions, the reintroduction of order-based two-way quotes with a bid-ask spread of N1, and the revival of the Order Book to ensure transparency in trading.

The apex bank’s move to ease control over the Naira, allowing it to float freely, indicates a significant departure from previous regulatory measures. The free-floating exchange rate approach embraces market dynamics, enabling the exchange rate to be determined by pure market forces.

As Nigeria charts a new course in its FX market, the implications of these operational changes are far-reaching. Stay tuned for more updates as further guidance on these monumental shifts is expected to be communicated to authorized dealers and the general public in due course. The Naira’s journey in the forex landscape has taken an intriguing turn, and Gatekeepers News is here to keep you informed every step of the way!

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