The official exchange rate for the Dollar to Naira, according to the FMDQ Security Exchange, shows the Naira opened at ₦1,542.27 per $1 on Monday, December 9, 2024, and closed at ₦1,547.50 per $1 on Tuesday, December 10, 2024.
In the black market, the Naira is trading as high as ₦1,660 per Dollar despite the Central Bank of Nigeria (CBN) unifying all forex segments in 2023. This move aimed to streamline transactions under the Investors & Exporters (I&E) window, implementing market-driven policies like the “Willing Buyer, Willing Seller” model.
These reforms have allowed Nigeria’s currency to float freely, influenced purely by market forces. The changes aim to enhance transparency and efficiency in the forex market while maintaining fair and accessible trading mechanisms.