Lagos, Nigeria – The naira commenced the new year trading at relatively stable rates across various foreign exchange (FX) markets, reflecting a mixed but steady performance as observed on Thursday.
At the official market, also known as the Nigerian Foreign Exchange Market (NFEM), the naira opened at N1,538.50 to the dollar, according to data from the Central Bank of Nigeria (CBN). This rate showed a slight movement from the N1,535 recorded on Tuesday, the final trading day of 2024.
Authorised dealers quoted the dollar at a peak of N1,545 on Thursday, representing an improvement compared to the N1,550 quoted on the preceding trading day. This marginal shift indicated a mild strengthening of the naira in high-end dealer transactions.
However, the broader market experienced a 1.2% depreciation, equating to an N18 drop, with dealers offering the dollar at N1,538 on Thursday—slightly weaker than the N1,520 recorded on Tuesday. This adjustment signalled a notable shift in the currency’s performance as the market reopened for the year.
In contrast, the parallel market, commonly referred to as the black market, displayed stability, with the naira trading at N1,665 per dollar. The steadiness in this segment provided a stark contrast to the mild fluctuations seen in the official and dealer markets.
These early-year movements highlight a cautious start for the naira in 2025. While the variations in rates remain subtle, market analysts will closely observe these trends to assess their implications for Nigeria’s broader economic outlook in the months ahead.