Official Rates: According to the FMDQ Security Exchange, the Naira opened at ₦1517.02 per $1 on Thursday, July 4, and closed at ₦1509.67 per $1 on Friday, July 5, 2024.
Black Market Rates: Despite the Central Bank of Nigeria’s (CBN) unification of all FX market segments, the Nigeria currency is trading at ₦1,525 per Dollar on the black market.
CBN’s Unification Strategy: The CBN’s circular on June 14, 2023, announced the merger of all FX segments into the Investors and Exporters (I&E) window, implementing a “Willing Buyer, Willing Seller” model and reintroducing order-based two-way quotes to enhance market transparency and efficiency.
