The Naira showed a small gain at the official market, trading at ₦1,604.48 to the Dollar on Monday, April 14, 2025—slightly stronger than Friday’s ₦1,603.78 rate, according to the Central Bank of Nigeria (CBN). However, the black market tells a different story, where the Dollar is going for as high as ₦1,615.
This comes despite the CBN’s efforts to unify the country’s multiple exchange rates. In a major policy shift announced back in June 2023, the CBN collapsed all foreign exchange windows into one—called the Investors & Exporters (I&E) window. This change was aimed at making the forex market more transparent and market-driven.
Now, the exchange rate is largely determined by supply and demand, with no strict government control. The Naira’s performance each day is based on the average of transactions from the day before, allowing for more flexibility but also exposing the currency to market volatility.
