The Nigerian naira commenced the first trading day of 2025 on a positive note, experiencing a slight appreciation against the dollar.
Data from FMDQ revealed that the naira strengthened to N1,538.23 per dollar on Thursday, a minor improvement from the N1,538.25 recorded on Tuesday, yielding a gain of N0.02.
In contrast, the parallel market saw the naira weaken, trading at N1,665 per dollar on Thursday, compared to the N1,655 to N1,660 range noted earlier in the week.
These slight fluctuations in the naira’s value occur against the backdrop of significant depreciation in 2024, during which the currency lost 41% of its value against the dollar compared to 2023.
In his New Year address, President Bola Ahmed Tinubu reassured Nigerians of his administration’s commitment to stabilising the currency. His 2025 budget proposal set an official exchange rate target of N1,500 per dollar, reflecting ongoing efforts to manage the nation’s monetary challenges.
