The naira strengthened against the dollar in the official market, closing the week on a positive note on Friday.
According to FMDQ data, the naira appreciated to N1,547.58 per dollar on Friday, improving from Thursday’s exchange rate of N1,548.47. This represents a modest gain of N0.89.
Conversely, in the black market, the naira remained steady at N1,680 per dollar on Friday, unchanged from the previous day.
Over the past six days, the Nigerian currency has experienced fluctuating movements, alternating between gains and losses against the dollar and other foreign currencies.
Starting the week on Monday, 13 January 2025, the naira was traded at N1,548.89 per dollar in the official market and N1,667 per dollar in the parallel market. By Friday, it had closed at N1,547.58 and N1,680 per dollar, respectively.
This indicates a weekly gain of N1.31 in the official market but a loss of N3 in the black market.
Meanwhile, on Thursday, Central Bank of Nigeria Governor Olayemi Cardoso announced plans to reinforce progress in the foreign exchange market, remittance systems, and diaspora engagement as part of the bank’s 2025 initiatives.
“By engaging transparently with stakeholders— from local communities to international partners— we bolstered Nigeria’s credibility at the global level while addressing our nation’s unique challenge,” he stated.
