Market News

The naira extended appreciation against the dollar at the official market to end the week on a positive note, Friday.

This comes as FMDQ data showed that the naira gained at N1,547.58 against the dollar on Friday from N1,548.47 exchanged on Thursday.

This showed N0.89 improvement against the dollar on Friday.

Meanwhile, at the black market, the Naira remained unchanged at N1680 per dollar on Friday, the same exchange rate as on Thursday.

DAILY POST reports that in the last six days, the Naira has recorded mixed sentiments of gains and losses against the dollar and indeed other foreign currencies.

The Naira started the week on Monday, 13 January, 2025, at N 1,548.89 and N 1,667 per dollar at the official market but closed at N 1,547.58 and N 1,680 per dollar in the black market.

This showed that in the week under review, while the gain was N1.31 against the dollar at the official rate, it lost N3 at the parallel market.

On Thursday, the Central Bank of Nigeria governor, Olayemi Cardoso, said the apex bank will consolidate gains in the foreign exchange market, remittance, diaspora engagement, and others in 2025.

“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.