The Dollar to Naira exchange rate is rising again. On Monday, April 28, 2025, the Central Bank of Nigeria (CBN) showed that one Dollar officially exchanged for ₦1,599.94, up slightly from ₦1,599.54 last Friday.
However, on the streets (black market), the story is different. Many people are buying one Dollar for as high as ₦1,610, even though the CBN had earlier joined all exchange rates into one, trying to make things easier. The bank had said since June 2023 that all Dollar sales would now happen in one market, called the Investors and Exporters (I&E) window.
With this new system, the Naira now floats freely. This means its value goes up and down depending on how people buy and sell, and the government no longer fixes the price. The CBN says more updates will be shared soon to guide banks and the public.
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