The Nigerian currency, the naira, continued to react negatively to the assumption of office of Donald Trump as the 47th President of the United States by depreciating marginally against the dollar at both the official window and parallel market on Tuesday, January 21, 2025.
FMDQ data showed that the naira depreciated to N1,552.78/$1 on Tuesday, January 21, 2025, from N1,550.05/$1 recorded on Tuesday, January 20, 2025.
This represents a loss of N2.37 against the dollar.
Similarly, in the black market, the naira closed negatively against the dollar to trade at N1,670/$1 as against the previous rate of N1,660/$1 representing a loss of N10 for the local currency.
In the same vein, the naira lost N10 against the British Pound to trade at N2,080/£1 as against the previous day’s rate of N2,070£1.
The naira continues to hold steady against the Canadian Dollar at N1,280/CA$1.
The naira lost N5 against the Euro to trade at ₦1,700/€1 as against the previous day’s rate of ₦1,695/€1.
By: Babajide Okeowo