The Nigerian naira weakened to N1,541.36/$ on the first trading day of the New Year, reflecting a 0.36% depreciation from the 2024 closing rate of N1,535.82/$, according to data from the Central Bank of Nigeria’s NFEM rate.
Some authorised dealers quoted the dollar at N1,545/$, a slight improvement from the N1,550/$ rate on Tuesday, while others priced the naira at N1,520/$ by the close of Thursday’s trading.
In the parallel market, the naira closed at N1,655/$, an improvement from N1,670/$ on Tuesday.
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The naira had experienced a sharp 40.9% depreciation in 2024 compared to the official rate at the end of 2023, which was N907.11/$.
This significant devaluation comes amid the Central Bank of Nigeria’s implementation of several foreign exchange policies aimed at improving market transparency and attracting foreign investment.
A key reform was the launch of the Electronic Foreign Exchange Matching System in December, which introduced new guidelines for authorised dealers and helped stabilize the naira somewhat.
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