The Naira saw a slight improvement against the US dollar, according to the latest data from the Central Bank of Nigeria (CBN). As of Friday, March 21, 2025, the official exchange rate stood at ₦1,536.89 per dollar, up from ₦1,530.62 recorded on Thursday, March 20.
Despite this gain, the black market rate remains much higher, with the dollar selling for as much as ₦1,578. This comes after the CBN’s decision to merge all forex market segments into one, allowing the naira to float freely. The new system follows a “Willing Buyer, Willing Seller” model, where exchange rates are determined by market forces.
These changes mean that forex transactions for medicals, school fees, and business travel are now processed through banks, while government transactions use the previous day’s average rate. The CBN continues to monitor the market, ensuring fair pricing and transparency in Nigeria’s foreign exchange system.