The Naira is showing signs of improvement! As of today, Monday, April 7, 2025, the official exchange rate from the Central Bank of Nigeria (CBN) shows that one dollar now goes for ₦1,567.02, a slight gain from ₦1,552.53 just a day before.
However, on the black market, people are still buying dollars for as high as ₦1,555, even though the CBN had earlier merged all exchange rate windows to make things simpler and more transparent.
The CBN had announced that everyone — whether paying for school fees, hospital bills, or business trips — must now go through regular banks to get dollars. They also brought back a system where buyers and sellers agree on prices freely, without government setting the rate. This means the Naira is now floating freely, and market forces will decide its value.