The Nigeria’s Naira ended it’s negative rally against the dollar to end the week on a positive note.
Data from the Central Bank of Nigeria (CBN) reveals that in the Nigerian Foreign Exchange Market (NFEM), the official exchange rate for the naira was 1,533.2630 per dollar.
The new figure showed a significant appreciation of the local currency compared to Thursday, 22nd January 2025, when the naira was valued at N1,550.4787 per dollar.
In the parallel or black market, the naira also demonstrated signs of improvement, trading between N1,640 and N1,650 per dollar, varying by seller and location.
The CBN has been implementing a range of measures to stabilise the naira, including adjustments to the exchange rate regime and interventions to enhance liquidity. Additionally, the CBN has introduced policies designed to attract foreign investment and remittances, which are vital for supporting the naira.
