Today’s exchange rate shows that the Naira opened trading at ₦1,550.00/$1 on the official FMDQ trading platform and closed at ₦1,540.65/$1 as of December 24, 2024. However, in the black market, the Dollar trades as high as ₦1,640/$1, reflecting ongoing disparities despite the Central Bank of Nigeria’s (CBN) unification efforts.
The CBN announced the unification of all foreign exchange market segments in June 2023, transitioning to a single window, the Investors & Exporters (I&E) window. This move introduced a “Willing Buyer, Willing Seller” model to enhance transparency and efficiency. The policy also prescribed that government transactions use the previous day’s weighted average rate.
This shift allows the Naira to float freely, meaning its value is now determined by market forces without central bank intervention. While this approach promotes market-driven exchange rates, the widening gap between official and black-market rates highlights the challenges in achieving stability in Nigeria’s forex market.