Lagos, Nigeria – The naira commenced the brand new yr buying and selling at comparatively secure charges throughout numerous overseas alternate (FX) markets, reflecting a blended however regular efficiency as noticed on Thursday.
On the official market, also referred to as the Nigerian Overseas Alternate Market (NFEM), the naira opened at N1,538.50 to the greenback, in keeping with knowledge from the Central Financial institution of Nigeria (CBN). This charge confirmed a slight motion from the N1,535 recorded on Tuesday, the ultimate buying and selling day of 2024.
Authorised sellers quoted the greenback at a peak of N1,545 on Thursday, representing an enchancment in comparison with the N1,550 quoted on the previous buying and selling day. This marginal shift indicated a light strengthening of the naira in high-end seller transactions.
Nevertheless, the broader market skilled a 1.2% depreciation, equating to an N18 drop, with sellers providing the greenback at N1,538 on Thursday—barely weaker than the N1,520 recorded on Tuesday. This adjustment signalled a notable shift within the foreign money’s efficiency because the market reopened for the yr.
In distinction, the parallel market, generally known as the black market, displayed stability, with the naira buying and selling at N1,665 per greenback. The stableness on this section supplied a stark distinction to the delicate fluctuations seen within the official and seller markets.
These early-year actions spotlight a cautious begin for the naira in 2025. Whereas the variations in charges stay refined, market analysts will intently observe these tendencies to evaluate their implications for Nigeria’s broader financial outlook within the months forward.
