On October 19, 2024, the Naira traded at ₦1,780 per dollar in the black market, despite recent efforts by the Central Bank of Nigeria (CBN) to unify the foreign exchange market. Official figures from FMDQ Security Exchange showed that the Naira opened at ₦1651.31 per dollar on October 17 and closed at ₦1600.78 on October 18.
The CBN had earlier announced the consolidation of all forex windows into the Investors and Exporters (I&E) window, aiming for a more transparent system. It also introduced a “Willing Buyer, Willing Seller” model, allowing eligible transactions such as medicals, tuition, and travel to access forex through deposit money banks.
These reforms effectively allowed the Naira to float freely, with market forces setting the exchange rate. However, the black market premium continues to widen, reflecting ongoing pressure on the currency and challenges in Nigeria’s foreign exchange landscape.
