As of the end of trading on Tuesday, 21 January 2025, the naira has depreciated further against the dollar in both official and parallel markets.
Data from the Central Bank of Nigeria (CBN) indicates that in the Nigerian Foreign Exchange Market (NFEM), the naira’s official exchange rate is now N1,551.2508 per dollar. This marks a decline from the N1,547.9989 per dollar recorded at the close of trading on Monday, 20 January 2025, resulting in a loss of N3.2519 over the past 24 hours.
In the parallel or black market, the naira also weakened, exchanging for between N1,660 and N1,673 per dollar, depending on the seller and location.
The CBN has consistently implemented reforms aimed at stabilising the local currency since the current administration took office on 29 May 2023. At that time, the naira had soared from N760 to the current figure.