The naira began the year trading steadily in various foreign exchange (FX) markets. On Thursday, the Nigerian Foreign Exchange Market (NFEM), recorded an opening rate of N1,538.50 to the dollar, a slight increase from the N1,535 noted on the last trading day of 2024.
Authorized dealers reported a peak rate of N1,545 for the dollar, showing improvement from N1,550 in the previous session. However, the overall FX market experienced a 1.2% depreciation, dropping by N18, with dealers offering the dollar at N1,538, a weaker rate compared to N1,520 observed earlier in the week.
In the parallel market, the naira remained stable at N1,665 per dollar, contrasting with the fluctuations in the official market.
These developments indicate a mixed start for the naira in 2025, highlighting slight variations in rates but no significant shifts in overall performance. Market analysts will be closely monitoring these trends to gauge their impact on Nigeria’s economic landscape in the coming months.
