The Naira saw a small gain against the U.S. Dollar in the official market, trading at ₦1,538.66 per dollar on March 27, up from ₦1,537.62 the previous day, according to the Central Bank of Nigeria (CBN).
Despite this, the black market rate remains much higher, with the dollar selling for as much as ₦1,560 per dollar. This comes even after the CBN unified all forex markets, merging them into the Investors & Exporters (I&E) window.
The CBN had previously announced that exchange rates would be determined by supply and demand, allowing the Naira to float freely. However, the gap between the official and black market rates shows that foreign exchange challenges persist in Nigeria.