At the end of trading on Wednesday, the naira continued to depreciate against the dollar on both official and parallel markets.
After trading on the 22nd of January, 2025, data from the Central Bank of Nigeria (CBN) indicates that in the Nigerian Foreign Exchange Market (NFEM), the naira’s official exchange rate stood at 1,551.9172 per dollar.
This figure represents a slight decline when compared to the figures of Tuesday, 21st January, 2025 when the naira traded N1,551.2508 per dollar.
In the parallel or black market, the naira also weakened, exchanging for between N1,660 and N1,673 per dollar, depending on the seller and location.
The CBN has been implementing various measures to stabilise the Naira. These measures include adjustments to the exchange rate regime and interventions aimed at boosting liquidity. The CBN has also introduced policies to encourage inflows of foreign investment and remittances, which are crucial for supporting the Naira.
