Today, the exchange rate for the Naira against the US Dollar at the FMDQ official forex trading platform shows the Naira opened at ₦1661.35 per $1 on Thursday and closed at ₦1652.25 per $1 on Friday, November 15, 2024.
In the black market, however, the Naira is trading much higher at around ₦1,745 per Dollar despite the Central Bank of Nigeria’s (CBN) earlier unification of all forex segments into the Investors and Exporters (I&E) window. The CBN has emphasized that eligible transactions, including school fees and travel expenses, can access forex through banks at this window.
These FX changes reflect Nigeria’s recent shift towards a floating Naira, allowing exchange rates to be market-driven without central bank interference.