The Naira has dropped again. On Tuesday, April 22, 2025, the official rate from the Central Bank of Nigeria (CBN) showed that 1 US dollar now equals ₦1,602.63. Just last week, it was ₦1,599.93. That’s a clear sign that the Naira is getting weaker.
But it’s even worse in the black market, where the dollar is now selling for around ₦1,610. This is happening despite CBN’s decision to join all exchange rate markets into one, which they call the Investors and Exporters (I&E) window.
Since June 2023, the CBN removed limits on how people buy and sell dollars and allowed the Naira to float freely—meaning the price now depends on demand and supply. Even though this gives people more freedom to trade, it has also made the dollar more expensive for regular Nigerians.
