Business
Naira Sees Mild Gains As Dollar Index Drops To Monthly Lows
By Benjamin Abioye

The naira recorded slight gains in Nigeria’s foreign exchange market on Thursday, closing at N1,548.59 per dollar in the official market.
This marks a marginal improvement of N4 compared to Wednesday’s exchange rate of N1,552.58 per dollar, according to FMDQ data.
In the black market, the naira remained stable, trading at N1,660 per dollar on Friday morning, showing no significant changes in unofficial forex rates.
Central Bank Governor Olayemi Cardoso attributed the relative stability to forex reforms. He expressed optimism about the naira’s competitiveness, saying, “I have high confidence that the nation will experience a favorable result. The effects are already being felt, particularly in international remittances.”
Cardoso also noted the positive impact of inflows from international money transfer operators (IMTOs). Reflecting on the economic challenges of 2024, including reduced foreign reserves, declining oil prices, and lower production, he emphasized the importance of adopting creative solutions. “Instead of complaining about our challenges, we had to look for fresh approaches and chances, and the outcomes have been positive,” he added.
Key reforms implemented by the Central Bank in 2024 included clearing $7 billion in verified forex obligations, ending quasi-fiscal interventions, and unifying multiple exchange rate systems. These measures, Cardoso stated, were critical in stabilizing the naira and boosting Nigeria’s global economic reputation.
Meanwhile, the Nigerian Economic Summit Group (NESG) forecasted a substantial improvement in the naira’s exchange rate, projecting it could reach N1,300 per dollar in 2025. This projection hinges on strategic stabilization measures and an increase in foreign exchange earnings driven by higher crude oil exports, enhanced manufacturing activities in the oil refining sector, and better agricultural output.
NESG also predicted Nigeria’s GDP could grow by 5.5% in 2025, supported by comprehensive stabilization reforms and increased global demand for the nation’s exports.
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