Naira Gains Massively Against Dollar, Highest In 8 Months

The Nigerian naira has recorded a massive gain against the dollar within the week as the exchange rate closed at N1,493/$ at the official market on Thursday, 30 January 2025.

This is N13 gain or 0.86 per cent appreciation when compared to Wednesday’s closing rate of N1,506 per dollar.

This is the first time the official exchange rate has reached the N1,400 per dollar threshold since the last eight months, specifically in May 2024.

The naira began the week with a slight depreciation from N1,531 per dollar on Friday, 24 January to N1,533.50 on Monday, 27 January, according to data published by the Central Bank of Nigeria (CBN). The local currency strengthened to N1,520 per dollar on Tuesday and further appreciated to N1,506 on Wednesday.

While the Nigeria Foreign Exchange Market (NFEM) rate was quoted at N1,500.77, the highest and lowest rates recorded on Thursday were  N1,517 and N1,490 respectively.

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Analysts have attributed the appreciating trend of the naira at the official exchange rate window to the launch of the CBN Foreign Exchange Code this week.

This is part of CBN’s ongoing efforts to enhance the integrity and functioning of Nigeria’s wholesale foreign exchange (FX) market.

Similarly, the naira appreciated to N1,630 at the parallel market from N1,640 per dollar on Wednesday.