The official exchange rate for the Nigerian Naira against the US Dollar today, January 26, 2025, has seen notable shifts. According to data from the FMDQ Security Exchange, the Naira opened at ₦1555.00 per $1 on January 23, 2024, and closed at ₦1531.20 per $1 on January 24, 2025. However, the black market continues to present a higher rate, with the Naira trading at as much as ₦1,660 per Dollar.
The Central Bank of Nigeria (CBN) has previously implemented a unification of all forex segments, collapsing them into the Investors & Exporters (I&E) window. This move was aimed at allowing market forces to freely determine the exchange rate, signaling a shift toward a more flexible and transparent forex market. Despite these changes, the currency still fluctuates widely, particularly in the black market.
The ongoing changes reflect Nigeria’s easing control over the Naira, transitioning towards a free-floating exchange rate model where the market dictates the value of the local currency, unaffected by central bank intervention.