The Naira continues to struggle against the US dollar, with the black-market rate reaching ₦1,745 per dollar today, November 15, 2024. On the official market, the Naira opened at ₦1679.91 per dollar on November 13 and closed at ₦1650.20 per dollar on November 14. Despite efforts by the Central Bank of Nigeria (CBN) to unify the exchange rates, the Naira remains under pressure.
Following the CBN’s June 2023 directive to merge all FX market segments into the Investors & Exporters (I&E) window, FX transactions now operate under the “Willing Buyer, Willing Seller” model. This unified structure was intended to stabilize the currency, allowing transactions for essentials like medicals and school fees to go through commercial banks.
However, with the Naira’s exchange rate now floating freely and determined by market forces, volatility has increased. The continued depreciation signals strong dollar demand in Nigeria despite the CBN’s structural changes to the forex market.