- Naira rose to N1,534.56 at the official market, gaining N6.8.
- Black market rate held steady at N1,660 per dollar.
- Economist says N1,500 exchange rate target depends on more investments.
Data from the Central Bank of Nigeria revealed that the naira appreciated to N1,534.56 per dollar, compared to N1,541.36 on Thursday, marking a gain of N6.8.
In the black market, the exchange rate remained steady at N1,660 per dollar, unchanged from the previous day.
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EKO HOT BLOG gathers that the naira had also gained value on Thursday as business resumed after the New Year holiday.
President Bola Ahmed Tinubu, in his proposed N49.7 trillion 2025 budget presented to the National Assembly, set the exchange rate at N1,500 per dollar.
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Economist Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, stated that achieving the N1,500 exchange rate target for 2025 would require a significant boost in foreign direct investment into Nigeria.
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