The exchange rate between the Naira and the US Dollar continues to fluctuate as the Naira officially trades at ₦1538.55 to $1, according to data from the FMDQ Security Exchange. This reflects the closing rate as of Monday, December 30, 2024. However, the black market paints a grimmer picture, with the Naira trading as high as ₦1,662 per Dollar.
The Central Bank of Nigeria (CBN) has previously unified all segments of the foreign exchange market into the Investors & Exporters (I&E) window. This move, announced in June 2023, introduced a “Willing Buyer, Willing Seller” model, allowing the Naira’s value to be determined by market forces. Despite this reform, the widening gap between the official and black market rates underscores ongoing currency pressures.
The CBN’s circular emphasized transparency and market-driven policies, abolishing FX segmentation and reintroducing an order-based two-way quote system. With the Naira now floating freely, Nigeria’s foreign exchange market continues to adapt to these reforms, leaving analysts and citizens alike watching closely for stability in 2025.