Victor EzejaThe Nigerian naira recorded a marginal gain at the official foreign exchange market on Friday, 17 January to end the week on a positive note.
According to the Nigeria Foreign Exchange Market (NFEM) data published on the Central Bank of Nigeria (CBN) website, the naira closed trading on Friday at N1,548 per dollar. This means the local currency recorded a marginal appreciation of N2 when compared with N1,560 per dollar recorded at the close of trading on Thursday, 16 January. Thursday’s closing rate was the highest recorded so far in the official window of the foreign exchange market.
Join our WhatsApp ChannelIt began the week on a negative note, depreciating to N1,550 on Monday from N1,544 per dollar recorded at the end of the previous week.
On a week-on-week analysis, the naira lost N4 when compared to N1,544 recorded on Friday, 10 January.
Though the naira has shown relative stability against the dollar at the official market, it, however, experienced depreciation at the black market, as the exchange rate rose to N1,680 per dollar on Friday from N1,670 recorded the previous day.
This comes as Nigeria’s inflation rate hit 34.8% in December 2024, up from 34.6% in November 2024, according to Consumer Price Index (CPI) data released by the National Bureau of Statistics on Wednesday.
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Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
