Business
How Naira Sank 41% Against Dollar In 2024
By Benjamin Abioye
The Naira experienced significant depreciation in 2024, losing 41% and 26% against the dollar in the official and parallel foreign exchange markets, respectively.
This occurred despite the Central Bank of Nigeria’s (CBN) efforts to stabilize the currency.
At the close of 2024, the exchange rate of the naira against the dollar was N1,538.25 in the official market. When compared to the Naira’s value of N907.11 per dollar at the end of 2023, the 41% depreciation is evident, as per FMDQ data. In the parallel or black market, the Naira also saw a 26.6% decline, dropping from N1,215 per dollar at the close of 2023.
This depreciation happened despite several policy measures and interventions by the Central Bank of Nigeria. In May 2024, the CBN introduced new guidelines for Bureau De Change (BDC) operators to regulate their activities and curb the currency’s depreciation. Additionally, the bank periodically supplied dollars to licensed BDC operators at subsidized rates.
The most recent intervention by the CBN was the launch of the Electronic Foreign Exchange Matching System (EFEMS) in 2024, aimed at improving currency transactions.
Looking ahead, President Bola Ahmed Tinubu, in his 2025 budget presentation, set a benchmark exchange rate of N1,500 per dollar.
Send Us A Press Statement Advertise With Us Contact Us
And For More Nigerian News Visit GWG.NG
