The Nigerian currency, the naira, reacted negatively to the inauguration of Donald Trump as the 47th President of the United States by depreciating marginally against the dollar at the official window on Monday, January 20, 2025.
FMDQ data showed that the naira depreciated to N1550.05 /$1 on Monday, January 20, 2025, from N1.547.58/$1 recorded on Friday, January 17, 2025.
This represents a loss of N2.47 against the dollar.
However, in the black market, the naira closed positively against the dollar to trade at N1,680/$1 as against the previous rate of N1,665/$1 representing again of N15 for the local currency.
Contrastingly, the naira gained N10 against the British Pound to trade at N2,070/£1 as against the previous day’s rate of N2,080£1.
The naira continues to hold steady against the Canadian Dollar at N1,280/CA$1.
The naira gained N5 against the Euro to trade at ₦1,695/€1 as against the previous day’s rate of ₦1,700/€1.
By: Babajide Okeowo
