Business
Naira Strengthens Marginally Against Dollar on First Workday of 2025
The Nigerian naira recorded a slight appreciation against the dollar as trading resumed after the New Year holiday. Data from FMDQ indicated that the naira strengthened to N1,538.23 per dollar on Thursday, improving marginally from the N1,538.25 rate recorded on Tuesday, a gain of N0.02.
However, in the parallel market, the naira weakened, trading at N1,665 per dollar on Thursday compared to the N1,655 to N1,660 range observed on Tuesday.
The slight movements in the naira’s value come amid a broader context of significant depreciation in 2024, during which the currency lost 41% of its value against the dollar compared to 2023.
President Bola Ahmed Tinubu, in his New Year message, assured Nigerians of his administration’s commitment to stabilizing the currency. His 2025 budget proposal set the official exchange rate target at N1,500 per dollar, reflecting ongoing efforts to manage the nation’s monetary challenges.
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