The official exchange rate between the Naira and the US dollar today stands at ₦1,541.70 per $1. This is based on data from the FMDQ Security Exchange, where the Naira opened at ₦1,538.80 on January 07, 2025, and closed at ₦1,541.70 on January 08, 2025. Despite the unification of the forex market by the Central Bank of Nigeria (CBN), the black market rate remains higher, trading at ₦1,660 per Dollar.
This difference highlights the ongoing challenges within Nigeria’s foreign exchange market. The CBN’s June 2023 policy shift consolidated all forex windows into the Investors and Exporters (I&E) window, aimed at increasing market transparency and enabling a more flexible currency trading environment. However, the impact of this move on stabilizing the Naira remains a subject of debate, as fluctuations continue.
The policy also reintroduces measures like a “Willing Buyer, Willing Seller” model and the establishment of an order-based two-way quote system for clearer market operations. However, despite these changes, the black market persists with rates significantly above the official rate, reflecting ongoing volatility in the foreign exchange landscape.