The Naira gained slightly against the Dollar at the official market, trading at ₦1,537.62 per Dollar on March 26, up from ₦1,532.39 the previous day, according to data from the Central Bank of Nigeria (CBN).
However, in the black market, the exchange rate remains higher, with the Naira trading at around ₦1,560 per USDT, despite CBN’s move to unify all foreign exchange windows. The bank had earlier announced a “Willing Buyer, Willing Seller” model, allowing market forces to determine rates.
These changes mean Nigeria is shifting towards a free-floating exchange rate, where the Naira’s value is determined by demand and supply rather than strict government control.
