The naira weakened against the dollar, closing at N1,541.68 in the official market and N1,775 in the parallel market. Despite weeklong volatility, the currency saw some gains. President Tinubu’s 2025 exchange rate benchmark of N1,500 per dollar hints at efforts to stabilize Nigeria’s economy amid forex challenges.
The naira ended the week weaker against the dollar in both the official and parallel markets, reflecting ongoing challenges in Nigeria’s foreign exchange sector.
Data from FMDQ showed that the official exchange rate slipped slightly, closing at N1,541.68 per dollar on Friday, compared to N1,541.38 on Thursday, representing a loss of N0.3. Similarly, activity in the parallel market saw the naira trade at N1,775 per dollar on Friday, rising from N1,768 recorded the previous day.
Throughout the week, however, the currency displayed more strength than weakness during trading sessions. Meanwhile, President Bola Ahmed Tinubu earlier set a foreign exchange benchmark of N1,500 per dollar for 2025, signaling a target for economic planning and policy adjustments.
