The Naira opened at ₦1657.18 per dollar on October 25, 2024, and closed at ₦1600.00 on October 29, according to FMDQ data. However, the black market rate soared to ₦1740, despite the Central Bank of Nigeria (CBN) unifying all FX market segments earlier this year.
In a June 2023 circular, the CBN merged all forex windows into the Investors and Exporters (I&E) window and reintroduced the “Willing Buyer, Willing Seller” model. Transactions like medical fees and school payments now access FX through banks, with tighter oversight on trading limits.
The policy shift reflects a move toward a floating Naira, letting market forces set the currency’s value. However, the gap between official and black market rates shows that uncertainties remain.
