The Naira gained some strength against the US dollar as the official exchange rate appreciated to ₦1,531.25 per dollar on April 2, 2025, up from ₦1,536.82 recorded on March 28, 2025, according to data from the Central Bank of Nigeria (CBN).
Despite this improvement, the black market rate remains high, with the USDT trading for as much as ₦1,552 per dollar. This comes even after the CBN unified all foreign exchange markets in June 2023, merging all FX windows into the Investors & Exporters (I&E) window to allow market-driven pricing.
With these changes, the Naira is now floating freely, meaning its value is determined by demand and supply. However, fluctuations in the exchange rate continue, impacting businesses and individuals who rely on foreign exchange for transactions.
