The Nigerian Naira appreciated slightly against the US Dollar, trading at ₦1,531.19 per dollar at the official market on Monday, March 24, 2025, compared to ₦1,536.89 last Friday. This data comes from the Central Bank of Nigeria (CBN), showing a minor gain for the local currency.
However, in the black market, the exchange rate remains significantly higher, with the dollar selling for as much as ₦1,578. Despite the CBN’s policy to unify the foreign exchange market, the gap between official and parallel market rates persists.
The CBN had previously announced a free-floating Naira policy, allowing market forces to determine exchange rates. While this move was meant to stabilize the forex market, traders continue to face fluctuating rates, with black-market prices staying above official levels.