The Naira showed a slight appreciation against the US Dollar in the official market, trading at ₦1,530.52 per dollar on March 19, 2025, compared to ₦1,532.93 the previous day. Despite this, the parallel market remains volatile, with rates climbing as high as ₦1,578 per dollar due to persistent demand pressures.
The Central Bank of Nigeria (CBN) continues its market unification policy, collapsing all forex segments into the Investors & Exporters (I&E) window. This move, initiated in June 2023, aims to create a more transparent and market-driven exchange rate system. The CBN has reinstated a “Willing Buyer, Willing Seller” model, allowing eligible transactions to access forex at prevailing market rates.
These reforms mark a shift toward a more flexible exchange rate regime, reducing direct interventions and letting market forces dictate pricing. While this approach enhances transparency, it also exposes the naira to greater fluctuations, making market confidence a key factor in determining long-term stability.
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