The Naira showed a mild appreciation against the US dollar in the official market, trading at ₦1,530.15/$ on Monday, March 10, 2025, up from ₦1,517.24/$ recorded on Friday, March 7, according to data from the Central Bank of Nigeria (CBN). However, in the black market, the exchange rate remains significantly higher, reaching ₦1,572/$, reflecting ongoing volatility despite CBN’s efforts to unify the forex market.
The CBN had, in June 2023, collapsed all forex segments into the Investors & Exporters (I&E) window, introducing a “Willing Buyer, Willing Seller” model to allow market-driven pricing. While these measures were intended to bring stability, the persistent gap between official and parallel market rates suggests lingering supply-demand imbalances. As Nigeria continues to navigate its foreign exchange reforms, the real test remains whether these policies can create a truly stable and transparent currency market.