On November 23, 2024, the Naira to Dollar exchange rate revealed a mix of official and black market rates, reflecting Nigeria’s shifting currency landscape. Officially, the Naira opened at ₦1693.36 per $1 on Thursday, November 21, closing slightly stronger at ₦1652.62 per $1 on Friday, November 22. Meanwhile, in the black market, the Dollar is trading as high as ₦1,740.
This exchange rate volatility follows the Central Bank of Nigeria’s recent unification policy, merging all FX segments into the Investors & Exporters (I&E) window. Announced in June 2023, this unification includes reintroducing the “Willing Buyer, Willing Seller” model and abolishing segmentation in the forex market.
This new framework allows Nigeria’s Naira to float more freely, aligning exchange rates closer to market demand.