The exchange rate between the US Dollar and the Naira has changed again. As of Monday, April 7, 2025, the Central Bank of Nigeria (CBN) says the official rate is now ₦1,612.23 per dollar, up from ₦1,567.02 last Friday. This means the Naira is losing value slowly at the official market.
At the same time, on the black market, where many Nigerians still buy dollars, the rate is around ₦1,580 per dollar. Even though the CBN had earlier joined all exchange rates into one single window in 2023, the black market is still active.
Since June 2023, the CBN has allowed the naira to move freely based on market demand, meaning the price can go up or down depending on how people buy and sell dollars. This system is meant to make things fairer, but for now, Nigerians are still watching closely as the rates keep changing.