Dollar to Naira Exchange Rate Sep 21, 2024

The Naira’s value against the US Dollar has fluctuated, with the official exchange rate on FMDQ Security Exchange showing the Naira opening at ₦1,619.23 per dollar on Thursday, September 19, 2024, and closing at ₦1,541.52 per dollar on Friday, September 20, 2024. This reflects ongoing pressure on the local currency despite government efforts to stabilize the market.

In the black market, the Naira is trading even higher at ₦1,639 per dollar, highlighting a widening gap between the official and parallel market rates. This disparity persists despite the Central Bank of Nigeria’s (CBN) move to unify all foreign exchange segments into the Investors & Exporters (I&E) window, aimed at improving transparency and accessibility in the FX market.

The CBN had earlier introduced a series of reforms, including the reintroduction of the “Willing Buyer, Willing Seller” model and removal of trading limits on oversold FX positions. These measures are part of Nigeria’s broader strategy to allow the Naira to float freely and be driven by market forces, aiming to address the persistent challenges in the country’s foreign exchange market.