The official exchange rate for the Naira against the Dollar, as reported by FMDQ, shows the Naira closed at ₦1,544.20 per $1 on Wednesday, December 18, 2024. It opened at ₦1,555.45 per $1 the previous day.
In the black market, the Dollar trades as high as ₦1,660 despite the Central Bank of Nigeria’s (CBN) move to unify foreign exchange windows. This policy, announced in June 2023, merged all FX segments into the Investors and Exporters (I&E) window, allowing market forces to determine rates.
The CBN also reintroduced measures such as the “Willing Buyer, Willing Seller” model and order-based trading to ensure transparency. These changes aim to liberalize Nigeria’s FX market, enabling the Naira to float freely based on market forces.