The naira showed a slight appreciation against the dollar as the foreign exchange market resumed operations after the New Year holiday. According to data from FMDQ, the naira strengthened to N1,538.23 per dollar on Thursday, up from N1,538.25 on Tuesday, reflecting a modest gain of N0.02.
However, on the parallel market, the naira depreciated, falling to N1,665 per dollar from between N1,655 and N1,660 exchanged earlier in the week.
In 2024, the naira experienced a significant depreciation, losing 41 percent of its value against the dollar compared to 2023. This recent performance comes on the heels of President Bola Ahmed Tinubu’s New Year message, in which he pledged to stabilize the naira’s value against the dollar. Tinubu’s 2025 budget proposal set the official exchange rate at N1,500 per dollar.