Business
Naira Shows Marginal Gains Against Dollar at Official Market
The Naira experienced slight appreciation against the dollar in the official foreign exchange market on Thursday, according to data from FMDQ. The exchange rate improved to N1,541.38 per dollar, compared to the previous day’s rate of N1,544.20. This represents a gain of N2.82.
In contrast, the parallel market remained stable, with the exchange rate holding steady at N1,660 per dollar, unchanged from Wednesday’s figures.
The currency movement follows President Bola Ahmed Tinubu’s announcement of Nigeria’s N49.7 trillion budget proposal for 2025, which pegs the exchange rate at N1,500 per dollar.
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