The Nigerian Naira showed a slight appreciation against the U.S. dollar in the official market, trading at ₦1,536.89 per dollar on Friday, March 21, 2025, up from ₦1,530.62 recorded the previous day. This movement signals ongoing market adjustments amid Nigeria’s evolving forex policies.
Despite this, the black market tells a different story, with the dollar exchanging as high as ₦1,578. The Central Bank of Nigeria (CBN) had earlier unified all foreign exchange segments, adopting a “Willing Buyer, Willing Seller” model at the Investors & Exporters (I&E) window. The policy aims to enhance transparency and stability, but market forces continue to dictate varying rates outside the official window.
With Nigeria easing control of the naira and allowing market dynamics to play a greater role, the exchange rate remains fluid. The CBN maintains that authorized dealers and financial institutions will receive continuous guidance on the new framework. As global and local economic factors evolve, all eyes remain on how the Naira will respond in the coming weeks.