The Naira saw a slight appreciation against the US Dollar, trading at ₦1,536.82 per dollar on Friday, March 28, 2025, compared to ₦1,538.66 the previous day, according to data from the Central Bank of Nigeria (CBN). However, in the parallel market, the dollar exchanged for as high as ₦1,550 per dollar.
Despite the CBN’s move to unify all forex market segments, the black market remains active. The bank had announced this unification on June 14, 2023, collapsing all FX windows into the Investors and Exporters (I&E) window. The move allows eligible transactions, including medicals, school fees, and business travel allowances, to be processed through deposit money banks.
With the introduction of a “Willing Buyer, Willing Seller” model, the exchange rate is now largely determined by market forces. The CBN also reinstated order-based two-way quotes and set operational hours for forex trading between 9 a.m. and 4 p.m. daily. These measures aim to stabilize the forex market while ensuring transparency in transactions.
