On January 27, 2025, Nigeria’s Naira began the week with a slight decline against the dollar in the official market, while showing a positive trend in the parallel market.
Data from the Central Bank of Nigeria (CBN) indicates that in the Nigerian Foreign Exchange Market (NFEM), the official exchange rate for the naira was 1,534.5483 per dollar.
This new figure represents a notable depreciation of the local currency compared to Friday, January 25, 2025, when the naira was valued at 1,533.2630 per dollar.
In the parallel market, often referred to as the black market, the naira was valued at 1,640 per dollar for sellers and 1,650 for buyers.
The CBN has been implementing various measures to stabilise the naira, including adjustments to the exchange rate regime and interventions to enhance liquidity. Additionally, the CBN has introduced policies aimed at attracting foreign investment and remittances, which are crucial for supporting the naira.