The Dollar to Naira exchange rate continues to reflect fluctuations in Nigeria’s forex market. According to the FMDQ Security Exchange, the official trading portal, the Naira opened at ₦1,548.40 per $1 on December 24, 2024, and closed at ₦1,534.00 per $1 on December 27, 2024.
Meanwhile, on the black market, the Naira is trading as high as ₦1,650 per Dollar, despite the Central Bank of Nigeria’s (CBN) move to unify the foreign exchange market. The unification, announced in June 2023, collapsed all segments into the Investors & Exporters (I&E) window, allowing a free-floating exchange rate driven by market forces.
The CBN’s reforms include a “Willing Buyer, Willing Seller” model, transparent order books, and operational changes aimed at boosting efficiency. However, the gap between official and black-market rates continues to highlight challenges in Nigeria’s forex system.