Naira strengthens to N1,534.56 per dollar

Published

3 months ago

January 4, 2025

The Nigerian naira continued its upward trend against the dollar at the official foreign exchange market, closing stronger on Friday.

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.

IDOMA VOICE notes 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.

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.