The Naira opened at ₦1547.45 per $1 on December 12, 2024, and closed at ₦1534.00 per $1 on December 13, 2024, according to FMDQ Security Exchange data. However, the black market rate remains significantly higher, with the Dollar trading at ₦1,660. This reflects the ongoing disparity despite efforts to unify Nigeria’s foreign exchange market.
The Central Bank of Nigeria (CBN) had previously collapsed all forex segments into the Investors and Exporters (I&E) window to streamline the market. Transactions like medicals, school fees, and SMEs continue through deposit money banks. The “Willing Buyer, Willing Seller” model was reintroduced for flexibility in forex trading.
These changes allow the Naira to float more freely, reducing government intervention in exchange rate determination. A free-floating system aligns exchange rates with market forces, aiming to stabilize Nigeria’s volatile forex market.