Today, January 10, 2025, the Dollar to Naira exchange rates continue to capture attention, reflecting Nigeria’s evolving foreign exchange landscape. According to the FMDQ Security Exchange, the Naira opened at ₦1,543.83 per $1 on Wednesday, January 8, 2024, and closed slightly stronger at ₦1,541.23 per $1 on Thursday, January 9, 2025. Despite these official rates, the black market shows significantly higher rates, trading as high as ₦1,660 per Dollar.
The Central Bank of Nigeria (CBN) remains focused on its unified foreign exchange policy, announced in June 2023, which consolidates all FX segments into the Investors and Exporters (I&E) window. This move aims to simplify transactions and allow eligible applications, including medicals, school fees, and SMEs, to access foreign exchange directly through deposit banks. The CBN also reintroduced the “Willing Buyer, Willing Seller” model, emphasizing transparency with an order-based system and broader trading flexibility.
By allowing the Naira to float more freely, Nigeria has shifted to a market-driven exchange rate regime. This approach ensures the value of the Naira reflects demand and supply dynamics, moving away from rigid controls. As the FX market adapts to these changes, businesses and individuals alike must stay informed to navigate Nigeria’s dynamic currency environment effectively.