The Naira has opened at ₦1,675.35 per $1 on November 12 and closed at ₦1,645.40 per $1 on November 13, according to the FMDQ Security Exchange. However, in the black market, the Naira is trading at an even higher rate, reaching ₦1,745 per Dollar as the demand for dollars rises.
The Central Bank of Nigeria (CBN) has previously moved to unify the exchange rate by consolidating all FX windows into the Investors and Exporters (I&E) window. This new setup allows eligible transactions, including for medicals, school fees, and small businesses, to be processed directly through banks. The exchange rate is now floating, meaning it will be largely influenced by market demand.
These changes highlight Nigeria’s shift to a free-floating rate, allowing the Naira’s value to be set primarily by market forces. This approach aims to improve transparency in the FX market, with the CBN’s oversight focused on maintaining stability in the evolving economic environment.
