The official exchange rate for the Naira against the US Dollar, as reported by the FMDQ Security Exchange, shows the Naira opening at ₦1548.00/$1 on January 2 and closing at ₦1534.05/$1 on January 3, 2025.
However, in the black market, the Dollar is trading at approximately ₦1,660. This disparity persists despite the Central Bank of Nigeria’s unification of forex segments into the Investors & Exporters (I&E) window, introduced in 2023 to promote transparency and efficiency.
The policy shift allows market forces to determine exchange rates, signaling a freer-floating Naira. Nonetheless, concerns over inflation and stability remain as stakeholders adjust to the evolving forex framework.
4