The Naira has gained slightly against the Dollar in the official market. According to the Central Bank of Nigeria (CBN), the exchange rate improved to N1,536.82 per Dollar on March 28, 2025, compared to N1,538.66 the previous day. However, in the black market, the usdt is selling as high as N1,550 per Dollar despite CBN’s efforts to unify the exchange rates.
The CBN had earlier announced a new policy collapsing all forex market segments into the Investors & Exporters (I&E) window. This means all transactions, including school fees, medicals, and business travel allowances, will go through commercial banks. The bank also reintroduced the Willing Buyer, Willing Seller model, allowing market forces to determine rates.
With these changes, Nigeria has moved toward a free-floating exchange rate, meaning the Naira’s value will now be influenced by demand and supply. The CBN assures that further guidelines will be shared soon to ensure smooth operations in the forex market.