Nigeria’s currency, the naira, made a significant move against the dollar in the foreign exchange market. This includes both the official and parallel foreign exchange markets as of the week ended 31st January.
According to the data from FMDQ, Nigeria’s currency moved up to N1,478.78 per dollar on Friday, after trading from N1,485.95 on Thursday. This represents a N7.17 increase for the Naira.
The black or parallel market was not left out from the appreciation as the currency traded for N1,610 on Friday; this was a significant move from a trading value of N1,630 on Thursday.
NaijaEyes recalls that earlier in January 2025, the Naira traded for N1,550 per dollar in the official market and N1,710 per dollar in the parallel market.
A lot of financial experts are saying the current appreciation run is based on the fact that the CBN introduced the FX code to ensure transparency in the financial markets.
Meanwhile, Nigerians, despite appreciating the Naira’s increase, are also wondering how long it will last, as the Naira has a history of “appreciating 2 steps and going back 5 steps.”
Naijaeyes report
JOIN OUR SOCIAL MEDIA CHANNELS