Today, the Naira opened trading at ₦1503.14 per $1 and closed at ₦1500.65, according to data from the FMDQ Security Exchange. However, in the black market, the exchange rate reached as high as ₦1,568 per Dollar. Despite the Central Bank of Nigeria’s (CBN) efforts to unify the forex market, disparity persists across various trading segments.
Since June 2023, all forex market segments have been merged into the Investors and Exporters (I&E) window. The CBN also reintroduced a “Willing Buyer, Willing Seller” model to allow transparent transactions. This operational shift is part of the government’s policy to float the Naira, letting market forces dictate its value rather than direct intervention from the central bank.
The transition to a free-floating exchange rate means Nigeria now allows the Naira’s value to fluctuate naturally. However, the rates you encounter may differ based on where and how you transact. Always verify with official and parallel sources before trading.