The Dollar to Naira exchange rate for 17 February 2025 shows continued market shifts. Official figures from the FMDQ Security Exchange reveal the Naira opened at ₦1503.14 per $1 on February 5 and closed at ₦1500.65 on February 6. However, black market rates have soared to ₦1,570 per $1, creating a significant gap.
Despite the Central Bank of Nigeria’s (CBN) decision to merge all forex windows into the Investors & Exporters (I&E) window, parallel market rates remain high. The CBN also introduced measures like a “Willing Buyer, Willing Seller” model and lifted limits on oversold forex positions to increase market transparency.
With the Naira now floating and exchange rates determined by market forces, stability remains uncertain. While more flexible, the currency’s value in different markets continues to fluctuate.