The Naira opened today at ₦1,503.14 per $1 on the official forex market, closing yesterday at ₦1,500.65. In the black market, the rate remains higher at ₦1,570 per $1, despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency.
Last year, the CBN merged all forex segments into the Investors & Exporters (I&E) window, allowing market forces to determine the exchange rate. This change also introduced a “Willing Buyer, Willing Seller” model for easier currency access.
With these changes, Nigeria’s Naira now floats more freely, giving businesses and individuals more transparent and flexible access to foreign exchange.