Kukuruku News has Obtained the latest Official Exchange Rates for the US Dollar to the Nigerian Naira, Including the Bureau De Change (BDC) rate and Central Bank of Nigeria (CBN) Rates.
As Per Data released on the FMDQ Security Exchange, the Official Forex Trading portal, the Naira Opened at ₦473.83 per Dollar on Wednesday, June 14, 2023, and closed at ₦664.04 per Dollar on the same day.
Furthermore, the CBN announced on June 14, 2023, the Unification of all Segments of the Forex Exchange Market.
In a Circular, the CBN disclosed that all FX Windows have Collapsed into the Investors and Exporters (I&E) Window.
This Move is part of Immediate Operational Changes in the Nigerian FX Market.
According to the CBN, the new Measures Include the Abolition of Segmentation, the Reintroduction of the “Willing Buyer, Willing Seller” model at the I&E Window, and the determination of the Operational Rate for Government-Related Transactions based on the preceding day’s Executed Transactions at the I&E Window.
In addition, Trading limits on oversold FX Positions have been proscribed, with Permission granted to hedge short Positions using over-the-counter (OTC) Futures.
The Reintroduction of order-based two-way quotes with a bid-ask spread of N1, and the Reintroduction of the order Book for Transparency and seamless Execution of Trades, are among the other Changes.
The Operational hours for Trades in the Forex Market will be from 9 am to 4 pm, Nigeria time.
The CBN stated that further Guidance on these Operational Changes will be Communicated to Authorized dealers and the General Public in due Course.
These operational Changes signify that Nigeria has relaxed its Control over the Naira, allowing the Local Currency to freely float.
In a Free-Floating Exchange Rate regime, the Market forces determine the Exchange Rate without any Central Bank Intervention to Influence its External Value.
