Business
Naira Weakens Against Dollar as 2025 Approaches
The naira experienced a decline against the dollar across both official and parallel markets just hours before the start of 2025. Data from FMDQ indicated that the naira closed at ₦1,538.55 per dollar on Monday, compared to ₦1,534 recorded on Friday, reflecting a drop of ₦4.55.
In the parallel market, the currency also saw a slight dip, trading at ₦1,662 per dollar on Monday, down from ₦1,660 on Sunday.
As the year draws to a close, a report by Afrinvest has forecasted further depreciation of the naira, projecting a potential exchange rate of ₦1,804 per dollar in 2025.
Amid the currency’s volatility, the Centre for the Promotion of Private Enterprise noted that Nigeria’s inflation rate, which stood at 34.60% in November, is expected to moderate in the new year.
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