The Dollar to Naira exchange rate today stands at ₦1500.65 per $1, down from ₦1503.14 yesterday, according to the FMDQ Security Exchange. In the black market, the rate is as high as ₦1,570 per Dollar despite recent changes by the Central Bank of Nigeria (CBN).
The CBN announced the unification of all forex segments into the Investors & Exporters (I&E) window in June 2023. This allows all eligible transactions to access foreign exchange at market rates, aiming for better transparency and efficiency.
With the Naira now floating freely, exchange rates are determined by supply and demand without CBN interference. The goal is to create a more open and balanced forex market in Nigeria.