Naira Gains Against Dollar At Official Rate

The Nigerian Naira showed slight improvement against the US Dollar in the official foreign exchange market on Thursday.

According to data from FMDQ, the exchange rate moved to N1,541.38 per dollar, marking a small gain compared to the N1,544.20 rate recorded on Wednesday. This translates to an appreciation of N2.82 in a single day, signaling some stability in the currency’s value.

However, in the parallel market, the Naira remained steady at N1,660 per dollar, the same rate as the previous day. The lack of movement in the unofficial market highlights the ongoing gap between the two exchange systems.

This slight recovery comes shortly after President Bola Ahmed announced a benchmark exchange rate of N1,500 per dollar for Nigeria’s N49.7 trillion 2025 budget proposal.

The president’s decision has sparked discussions about the country’s economic direction and currency management.

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