The Naira continues to face tough times, with the exchange rate reaching ₦1,660 per Dollar in the black market today, January 6, 2025. Officially, the Naira traded at ₦1,548 per $1, slightly improving to ₦1,534.05 by the close of the last trading session.
Despite efforts by the Central Bank of Nigeria (CBN) to unify exchange rates, the gap between the official and black market rates remains wide. The CBN had consolidated all forex windows into the Investors and Exporters window in June 2023, hoping to stabilize the currency and attract foreign investments.
However, the struggle continues as Nigeria battles inflation and a foreign exchange shortage. With the Naira under pressure, businesses and individuals are feeling the pinch, leaving many questioning when the promised stability will finally arrive.