The Naira opened at ₦1552.75 per $1 on Monday, December 16, 2024, and closed at ₦1544.05 per $1 on Tuesday, December 17, 2024, based on FMDQ Security Exchange data. However, in the black market, the Dollar is trading as high as ₦1,675 despite ongoing efforts by the Central Bank of Nigeria (CBN) to unify exchange rates.
The CBN had earlier merged all forex market segments into the Investors and Exporters (I&E) window in June 2023. It also introduced the “Willing Buyer, Willing Seller” model to boost transparency, reestablished order books for seamless trades, and removed trading limits on oversold positions, making all FX windows centralized.
This policy shift reflects Nigeria’s move to a free-floating naira exchange rate, allowing market forces to determine the currency’s value. The adjustment is expected to enhance forex trading clarity and reduce undue central bank influence.