The Dollar to Naira exchange rate has shown notable activity across official and black market segments. As per data from the FMDQ Security Exchange, the Naira opened at ₦1,548.00/$1 on January 2, 2024, and closed at ₦1,534.05/$1 on January 3, 2025.
In contrast, black market rates surged as high as ₦1,665/$1, reflecting ongoing challenges despite the Central Bank of Nigeria’s (CBN) efforts to unify foreign exchange windows. The CBN’s June 2023 circular abolished segmented FX markets, collapsing them into the Investors & Exporters (I&E) window.
The unification aimed to enhance transparency and allow the Naira to float freely under market forces. While the move simplified operations and removed trading limits, black market rates continue to indicate volatility in Nigeria’s forex market.