The naira began the new year trading at a stable rate across various foreign exchange (FX) markets, maintaining a relatively consistent performance as observed on Thursday.
At the official market, also known as the Nigerian Foreign Exchange Market (NFEM) the currency opened at N1,538.50 to the dollar, as reported by data from the Central Bank of Nigeria (CBN).
This rate showed only a slight movement from the N1,535 recorded on Tuesday, which was the final trading day of 2024.
Further details from market activities indicated that authourised dealers quoted the dollar at a peak rate of N1,545 on Thursday, which represented an improvement compared to the N1,550 quoted on the previous trading day. This minor shift suggested a marginal strengthening of the naira at the top end of dealer transactions.
Overall, the FX market experienced a depreciation of 1.2 percent, equivalent to a drop of N18. Dealers offered the dollar at N1,538 on Thursday, a weaker rate compared to N1,520 observed on Tuesday at the official market. This adjustment marked a notable change in the currency’s trajectory as the market reopened for the new year.
Meanwhile, in the parallel market, often referred to as the black market, the naira remained stable, trading at N1,665 per dollar.
This steadiness in the parallel market provided a contrast to the mild fluctuations observed in the official and dealer segments.
These developments reflect a mixed start for the naira in 2025, with slight variations in rates across market segments but no drastic changes in overall performance. Market analysts will likely monitor these trends closely as the year progresses to assess their implications for Nigeria’s broader economic landscape.
