The value of the Naira improved slightly at the official market on Wednesday, April 9, 2025. According to the Central Bank of Nigeria (CBN), one US dollar now equals ₦1,629.93, better than ₦1,611.55 the day before. This means the Naira gained small strength, but it’s still not where many Nigerians want it to be.
However, on the streets and black market, people are still buying dollars at ₦1,612, which is almost the same as the official rate. Even though CBN has said all exchange rates should now be under one system, called the Investors and Exporters (I&E) window, the black market is still very active.
The CBN had earlier removed all the different exchange systems and told banks to process things like medical bills, school fees, and small business needs directly. The new system now allows the Naira to “float,” meaning market demand decides the rate, not the government. This is meant to bring transparency, but for now, many Nigerians are still watching and hoping for better rates soon.
