The Naira picked up a bit of strength today, Tuesday, April 16, 2025, as it traded at ₦1,598.95 per dollar at the official market. This is a small improvement compared to ₦1,604.48 it traded on Monday, April 14. This means the Naira is doing slightly better in the official Central Bank of Nigeria (CBN) market.
However, at the black market, where many people still change money, the usdt is selling higher — around ₦1,616 per dollar. Even though the CBN had said all forex markets should be one, there’s still a gap between the official rate and the black market rate.
The CBN had earlier announced that all forex transactions should now go through one window called the “Investors and Exporters Window.” This means people can now buy and sell dollars more freely, and the rate depends on what buyers and sellers agree on. The idea is to make the system more transparent and let the market decide the price of the Naira without too much government control.
