The Dollar to Naira exchange rate today, December 9, 2024, shows the Naira trading at ₦1,600 per dollar in the black market, while official rates from the FMDQ Security Exchange revealed the Naira opened at ₦1,605.30/$1 on December 5 and closed at ₦1,672.69/$1 on November 29.
This comes despite the Central Bank of Nigeria’s (CBN) 2023 unification of forex windows into the Investors & Exporters (I&E) window, allowing the Naira to float based on market dynamics. The “Willing Buyer, Willing Seller” model has also been reintroduced to foster transparency in transactions.
The ongoing shifts in Nigeria’s FX market reflect efforts to liberalize the currency exchange process while balancing accessibility for medical, educational, and business needs through deposit banks. Market rates continue to respond to these changes, influenced by local and international economic factors.
4o