The official exchange rate between the Naira and the US Dollar on August 12, 2024, closed at ₦1,570.99 per $1, showing a slight decrease from ₦1,589.17 per $1 on August 9. Despite this, the Naira is trading at around ₦1,610 per Dollar in the black market, reflecting ongoing volatility.
The Central Bank of Nigeria (CBN) recently unified all foreign exchange market segments, directing all transactions to the Investors & Exporters (I&E) window. This change is part of the CBN’s effort to streamline the forex market and ensure transparency.
As a result of these changes, the Naira is now more exposed to market forces, which may lead to further fluctuations. The CBN has assured that all foreign exchange applications for medicals, school fees, and other essentials will continue to be processed through regular banks, maintaining access for critical needs.
