Naira Strengthens Further Against Dollar at Official Market

The naira continued its upward trajectory at the official foreign exchange market on Thursday, January 30, 2025, appreciating to N1,485.95 per US dollar.

According to data from the Financial Markets Dealers Quotation (FMDQ) Securities Exchange, the local currency gained N24.77 against the dollar, reflecting improved market sentiment and stability in the forex market.

This represents a 1.6 percent gain when compared to the previous day’s trading figure on Wednesday when the naira closed trading at N1,510.72 to the dollar.

Trading on the Investors and Exporters (I&E) Forex window on Thursday recorded a high of N1,516.00 and a low of N1470.00.

The naira has enjoyed relative stability against the US dollar since December 2024, when CBN introduced sustained reforms ensuring transparency in the foreign exchange (FX) market.

The apex bank on Tuesday in Abuja introduced more measures, leading to additional health for the local currency.

CBN Governor, Olayemi Cardoso, on Wednesday also announced the final verification process for payment of the remaining 2.4 billion dollars of FX backlog.

NAN