On Thursday, 23rd November, 2024 the naira made a marginal recovery against the dollar.
Data from the Central Bank of Nigeria (CBN) reveals that in the Nigerian Foreign Exchange Market (NFEM), the official exchange rate for the naira was N1,550.4787 per dollar.
This marks a slight appreciation of the local currency compared to Wednesday, 22nd January 2025, when the naira was valued at N1,551.9172 per dollar.
In the parallel or black market, the naira also demonstrated signs of improvement, trading between N1,655 and N1,660 per dollar, varying by seller and location.
The CBN has been implementing a range of measures to stabilise the naira, including adjustments to the exchange rate regime and interventions to enhance liquidity. Additionally, the CBN has introduced policies designed to attract foreign investment and remittances, which are vital for supporting the naira.