Today’s exchange rate between the Naira and the Dollar shows varied figures across official and parallel markets. According to the FMDQ, Nigeria’s official trading portal, the Naira opened at ₦1681.07 per $1 on November 20, 2024, and closed at ₦1658.67 per $1 on November 21. However, in the black market, rates soared as high as ₦1,740 per $1, despite the Central Bank of Nigeria’s (CBN) efforts to unify the exchange markets.
Since June 2023, the CBN consolidated all FX segments into the Investors and Exporters (I&E) window, introducing a “Willing Buyer, Willing Seller” model to guide the process. All eligible transactions can now access FX through this I&E window, which follows a weighted average rate for transparency.
These changes highlight Nigeria’s shift toward a free-floating exchange rate, where the Naira’s value is determined by market forces. This approach allows the currency to fluctuate based on demand and supply, reducing direct government control over the Naira’s exchange rate.