On October 24, 2024, the Naira continued to struggle against the U.S. dollar. According to data from the FMDQ Securities Exchange, the Naira opened at ₦1643.26 per $1 on October 22 but dropped to ₦1654.09 by October 23. Meanwhile, in the black market, the exchange rate surged as high as ₦1,730 per dollar, reflecting persistent pressure despite the Central Bank of Nigeria’s (CBN) attempt to unify the foreign exchange market.
In June 2023, the CBN merged all FX windows into the Investors & Exporters (I&E) window, introducing a “Willing Buyer, Willing Seller” system. This policy allows all eligible transactions, such as medical bills, school fees, and travel allowances, to go through commercial banks. The new framework also set operational rates for government transactions based on the previous day’s weighted average and mandated transparency through reintroduced order books and two-way bid-ask quotes.
With these reforms, Nigeria has shifted to a more liberal exchange rate, giving the Naira room to float according to market forces. The CBN’s easing of currency controls is intended to attract more forex inflows, though the Naira’s volatility remains a concern. Market participants continue to monitor how these changes impact the stability of the local currency in the coming months.