The Naira gained slightly against the US Dollar in the official market, trading at ₦1,536.82 per dollar on Friday, March 28, 2025, compared to ₦1,538.66 the day before. However, on the black market, the exchange rate remains high, reaching up to ₦1,550 per dollar despite efforts by the Central Bank of Nigeria (CBN) to unify the forex market.
The CBN had earlier announced a single foreign exchange system, merging all exchange rate segments into the Investors & Exporters (I&E) window. This means that all forex transactions, including school fees, medical bills, and business payments, must go through banks. The bank also removed limits on oversold positions and reintroduced an order-based trading system to ensure transparency in currency exchange.
With these changes, Nigeria now operates a more flexible exchange rate, meaning the value of the Naira is now determined by market forces. While this policy is meant to stabilize the forex market, the gap between official rates and black market rates continues to raise concerns for businesses and individuals.