The official exchange rate for the Naira to the US Dollar today reveals mixed dynamics. According to data from the FMDQ Security Exchange, the Naira opened at ₦1551.43 per $1 on December 19 and closed at ₦1541.68 per $1 on December 20, 2024.
On the black market, the Naira is trading significantly higher at ₦1660 per Dollar, despite the Central Bank of Nigeria’s (CBN) unification of foreign exchange windows in 2023. This policy aimed to consolidate all FX segments into the Investors and Exporters (I&E) window for transparent and market-driven transactions.
The free-floating exchange model implemented by the CBN lets market forces dictate the Naira’s value, but ongoing economic pressures keep black-market rates elevated. This divergence underscores challenges in stabilizing Nigeria’s FX market amid global and local economic dynamics.