As of December 21, 2024, the Naira traded at ₦1541.68 per $1 on the official FMDQ Security Exchange, reflecting a slight drop from its ₦1551.43 opening on December 19. However, black market rates remain high, with the dollar trading at ₦1,660.
This comes after the Central Bank of Nigeria unified all forex market segments into the Investors & Exporters window. The move introduced a “Willing Buyer, Willing Seller” model and removed trading limits, allowing the Naira to float freely.
The shift aims to enhance transparency and stabilize exchange rates. However, the disparity between official and parallel market rates highlights ongoing challenges in Nigeria’s forex market.