Business
Dollar Weakens As Naira Appreciates To Close 2024
By Benjamin Abioye
The naira showed some improvement against the dollar on Tuesday, ending 2024 on a positive note in both official and black markets.
Data from FMDQ revealed a slight appreciation of the naira in the official market, where it rose to N1,538.25 per dollar compared to N1,538.55 recorded earlier. This reflects a modest gain of N0.3.
In the black market, the naira also made progress, strengthening by N12 to close at N1,655 per dollar. This was an improvement from the previous day’s exchange rate of N1,662.
Tuesday’s trading marked the final session for 2024 in the foreign exchange markets, with global markets set to resume a new calendar year in 2025.
Compared to the end of 2023, when the naira traded at N907.11 per dollar in the official market, the currency experienced a significant year-on-year decline of N629.14.
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