The official exchange rate for the dollar to the naira opened at ₦1,555.45 per $1 on December 18, 2024, and closed at ₦1,541.38 per $1 on December 19, 2024, according to data from the FMDQ Security Exchange. Meanwhile, the black market rate has soared as high as ₦1,660 per $1.
The Central Bank of Nigeria (CBN) previously unified all FX segments into the Investors & Exporters (I&E) window, allowing transactions to be processed by deposit money banks. This reform aligns with the “Willing Buyer, Willing Seller” model to encourage market transparency and efficiency.
The unification policy means the naira now floats freely, with its value determined by market forces. This approach reduces government control over exchange rates, aiming for a more transparent and competitive FX market.