Today, the official Dollar to Naira exchange rate opened at ₦1,503.14 per $1, as reported by FMDQ Security Exchange. By market close, it had slightly strengthened to ₦1,500.65 per $1. However, in the black market, the Naira is trading at a steep ₦1,550 per Dollar, highlighting continued pressure on Nigeria’s local currency despite efforts to stabilize the forex market.
The Central Bank of Nigeria (CBN) had previously announced a unification of all forex segments into the Investors & Exporters (I&E) window to increase transparency and improve access. The reintroduced “Willing Buyer, Willing Seller” model now allows all eligible transactions to be processed under a unified rate, with no limits on oversold FX positions and enhanced transparency through an order-based system.
These measures effectively allow the Naira to float freely in the market, with the exchange rate now determined by market forces. While this transition promotes transparency, the widening gap between official and black market rates suggests ongoing challenges in Nigeria’s foreign exchange landscape.