The Naira showed a slight gain against the Dollar in the official market, trading at ₦1,536.15 per Dollar on March 11, 2025, compared to ₦1,530.15 the previous day. However, the black market rate remains significantly higher, reaching ₦1,576 per Dollar, highlighting persistent forex pressures despite the Central Bank of Nigeria’s (CBN) efforts at market unification.
Since the CBN’s June 2023 decision to merge all forex windows into the Investors & Exporters (I&E) window, the Naira has remained under market-driven pricing. The “Willing Buyer, Willing Seller” model continues to guide transactions, with government-related exchanges set at a weighted average rate. Additionally, the CBN has reintroduced measures like order-based two-way quotes and a transparent Order Book system to stabilize trading.
Despite these policies, the gap between the official and parallel market rates suggests ongoing dollar demand pressures. While the Naira is technically floating, its stability remains uncertain as market forces dictate its true value.