The Nigerian Naira recorded an improvement in value on Thursday, trading at N1,655/$ compared to N1670/$ on Tuesday in the parallel market.
The official foreign exchange market however witnessed a loss, as the Naira weakened to N1,541.36/$ on the first day of trading in the New Year.
According to the NFEM rate data available on the website of the Central Bank of Nigeria, this is a 0.36 per cent depreciation compared to the closing rate of 2024 which was N1,535.82/$.
Some authorised dealers quoted the dollar at N1,545/$, an improvement compared to the N1,550/$ quoted on Tuesday while others quoted the naira at N1520/$ at the close of trading on Thursday.
The significant depreciation comes amid the CBN’s introduction of several foreign exchange policies aimed at enhancing market transparency and attracting foreign investors.
The latest reform was the introduction of the Electronic Foreign Exchange Matching System which set new guidelines for authorised Foreign Exchange dealers in December. This introduction saw the naira gain some semblance of stability.
