As of today, November 20, 2024, the exchange rate between the Naira and US Dollar has continued to rise, with official records showing the Naira closed at ₦1,678.93 per $1 on November 19 on the FMDQ Security Exchange. Meanwhile, the black market rate has climbed higher, reaching ₦1,745 per Dollar.
In June 2023, the Central Bank of Nigeria (CBN) unified Nigeria’s FX market segments into the Investors and Exporters (I&E) window, allowing for a more flexible, free-floating Naira. This policy lets market forces set the exchange rate, meaning prices reflect demand and supply without central bank intervention.
The CBN’s shift aims for transparency and easier access to FX through banks, hoping to stabilize the Naira long-term. However, the free-floating system has led to higher rates in the short term as Nigeria navigates its evolving currency market.