Nigeria’s foreign exchange market remains turbulent as the naira continues to battle against the dollar. Official data from the FMDQ Securities Exchange shows that the naira opened at ₦1,503.14 per dollar and closed at ₦1,500.65. However, in the parallel market, rates have soared as high as ₦1,505 per dollar despite the Central Bank of Nigeria’s (CBN) unification of forex segments.
The CBN’s decision, first announced in June 2023, aimed to merge all forex windows into the Investors and Exporters (I&E) window, allowing for a “willing buyer, willing seller” model. This move was intended to enhance transparency and ease forex access for businesses and individuals. However, the persistent gap between the official and black market rates suggests that demand pressure is still weighing heavily on the naira. As Nigeria shifts towards a more market-driven exchange rate, the challenge remains—how to stabilize the naira amid fluctuating global and local economic conditions.