On January 29, 2025, the Naira rose to ₦1,640 per US dollar on the parallel market, up from ₦1,655 the day before.
The Naira also enjoyed gains in the official foreign exchange market, rising ₦7.2 to ₦1,526.3 per dollar from ₦1,533.5 per dollar on Monday.
The Central Bank of Nigeria’s (CBN) continuous changes, such as the December launch of the Electronics Foreign Exchange Matching System (EFEMS) and the impending FX code, expected to be launched by the end of January, are credited by analysts with this encouraging trend.
The Naira is still worth less than it was eighteen months ago, notwithstanding these increases. Nonetheless, the currency’s performance since December indicates that it has stabilised, trading within a small band of ₦1,550 to ₦1,520 per dollar.
A shift towards a more unified currency rate system is suggested by the closing gap between the official and parallel market exchange rates, which is currently at ₦113.7 per dollar, down from ₦121.5 per dollar on Monday.
