The Nigerian Naira appreciated to N1,650 per dollar in the parallel market on December 31, 2024, from N1,655 the previous day. In the official market, the currency strengthened to N1,535 per dollar. The Central Bank of Nigeria plans policy changes to reduce the gap between the parallel and official rates.
On December 31, 2024, the Nigerian Naira appreciated, closing at N1,650 per US dollar in the parallel market, marking a slight improvement from N1,655 on the previous day. Similarly, the official foreign exchange market saw the Naira strengthen to N1,535 per dollar, up from N1,537 on Monday. This represents a N2 appreciation for the Naira within 24 hours.
Recent data from the Central Bank of Nigeria (CBN) reveals that the gap between the parallel market rate and the official exchange rate has narrowed, decreasing to N115 per dollar from N118 the previous day. The Nigerian government and the CBN have made promises to implement policies in 2025 aimed at addressing the persistent disparity between the official and parallel market rates.
As stakeholders await further policy action, these incremental improvements in the currency’s value offer a glimmer of hope for Nigeria’s financial landscape in the new year.
