Today, February 12, 2025, the Naira opened at ₦1503.14 per $1 and closed at ₦1500.65 per $1, according to FMDQ data. However, in the black market, the Dollar traded as high as ₦1,552 despite the Central Bank of Nigeria’s (CBN) efforts to unify all foreign exchange segments.
The CBN announced major changes to Nigeria’s forex system in June 2023. It collapsed all FX segments into the Investors & Exporters (I&E) window, reintroduced the “Willing Buyer, Willing Seller” model, and removed trading limits on oversold positions. The bank also mandated transparency with an order book system and permitted hedging with OTC futures.
These reforms effectively allowed the Naira to float freely, leaving its value to market forces. In a floating system, the government refrains from interference, allowing market dynamics to dictate the exchange rate—a bold move aimed at fostering transparency and stability in Nigeria’s FX market.