The Nigerian Naira continued to gain value as it closed January 2025 at N1,610/$1, gaining over N130/$1 since October 2024 in the parallel market.
In October 2024, the naira fell to N1,740/$1 to the US Dollar in the parallel market. The naira has continued to gain value in the last three months and counting.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira closed at N1, 535/$1 on December 31, 2024, indicating an N60 gain or a 3.91% increase month-on-month.
Throughout the month of January, Naira exchanged for around N1,560 and N1,506 to the dollar but closed at N1,475 on December 31st.
Analysts attribute the naira gain to the Central Bank of Nigeria (CBN) policies on FX management and inflation control.
The CBN has implemented several forex interventions and policy measures aimed at stabilizing the Naira, including tightening regulations on Bureau De Change operators and increasing dollar liquidity in the official market.
