The Naira traded at ₦1547.45 per $1 on December 12, 2024, and closed at ₦1533.00 per $1 on December 13, 2024, according to the FMDQ Security Exchange. Meanwhile, in the black market, the Dollar is trading as high as ₦1,660, reflecting a wide gap between official and parallel market rates.
The Central Bank of Nigeria (CBN) previously unified all forex segments into the Investors and Exporters (I&E) window to simplify the market. It also reintroduced the “Willing Buyer, Willing Seller” model, allowing forex rates to align with market dynamics. These changes aim to enhance transparency and stabilize the market.
The free-floating exchange rate system reduces government control, letting market forces determine the Naira’s value. This shift is expected to improve foreign exchange access and streamline trade operations in Nigeria’s forex market.