On Saturday, April 6, 2025, the exchange rate between the Naira and the US Dollar remained steady at ₦1,567.02 per dollar, based on the latest figures from the Central Bank of Nigeria (CBN). This rate reflects the slight appreciation recorded on Friday, April 4, 2025, when the Naira strengthened from ₦1,552.53 the previous day.
Despite the official rate showing improvement, the Dollar continues to trade around ₦1,555 in the black market. This gap highlights the ongoing demand for foreign currency outside official channels, even after the CBN’s foreign exchange reforms. The apex bank had previously unified all FX windows under the Investors & Exporters (I&E) window to encourage transparency and reduce discrepancies.
Under the current FX framework, the Naira operates on a free-floating model, where its value is determined by market forces. The CBN has also reintroduced order-based trading and the “willing buyer, willing seller” model to deepen market efficiency. These reforms are part of Nigeria’s broader effort to stabilize the currency while ensuring legitimate access to foreign exchange for businesses and individuals.
