Naira Appreciates Against Dollar to Begin 2025

• Naira appreciated to N1,538.23 per dollar on the official market, gaining N0.02.
• Parallel market rate fell to N1,665 per dollar from N1,655–N1,660.
• Tinubu pledges naira stability, sets 2025 budget rate at N1,500 per dollar.

The naira appreciated against the dollar in the foreign exchange market as business resumed after the New Year holiday.

Data from FMDQ showed that the naira strengthened slightly to N1,538.23 per dollar on Thursday, up from N1,538.25 on Tuesday, marking a marginal gain of N0.02.

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However, in the parallel market, the naira weakened to N1,665 per dollar on Thursday, compared to the range of N1,655 to N1,660 recorded on Tuesday.

EKO HOT BLOG reported that the naira depreciated by 41 percent against the dollar in 2024 compared to its performance in 2023.

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This development comes as President Bola Ahmed Tinubu, in his New Year message to Nigerians, pledged to stabilize the naira against the dollar.

In his 2025 budget proposal, Tinubu set the exchange rate benchmark at N1,500 per dollar.

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