Naira Remains Stable in Official Window as Tinubu Predicts New Exchange Rate For 2025
The Nigerian currency, the naira, depreciated marginally in the official window on Wednesday, December 18, 2024
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The naira was exchanged for N1,544.18 in the official window as against the previous day’s rate of N1,534 per dollar
The development comes as President Bola Tinubu put the naira’s exchange rate for 2025 at N1,500 per dollar
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The naira depreciated slightly in the official window on Wednesday, December 18, 2024, trading at N1,544.20 per dollar, representing 0.01% depreciation.
According to data from the Electronic Foreign Exchange Market System (EFEMS), the local currency remained stable against the dollar at N1,538.88.
Source: Getty Images
EFEMS helps naira to stabilise
Since the Central Bank of Nigeria (CBN) introduced the EFEMS, the naira has held its ground against the dollar and other major currencies.
On Tuesday, December 17, 2024, the naira appreciated against the dollar marginally in EFEMS due to a surge in local currency demand.
Experts say the naira is in high demand now because people need cash for Christmas and New Year's shopping.
The margin between the official and black market widens
Meanwhile, on Wednesday, December 17, 2024, currency traders quoted the dollar at a high of N1,458 per dollar, lower than the previous day’s rate. They also priced the dollar at a low of N1,529, lower than the previous day’s figure.
However, the naira lost N20 in the parallel market on Wednesday, December 17, 2024, closing at N1,680 per dollar, down from the N1,660 it traded the previous day.
The gap between the official and parallel markets grew by N136.
Tinubu predicts new FX rate for 2025
President Bola Tinubu said the Nigerian government has pegged the official exchange rate at N1,500 for next year’s budget.
Tinubu disclosed this during the budget presentation at the joint session of the National Assembly on Wednesday, December 17, 2024.
The President’s forecast comes amid other predictions which put the naira at over N2,000 per dollar for 2025.
The naira remains steady in the official market
Legit.ng earlier reported that the naira steadied against the dollar in the official market on Tuesday, December 17, 2024.
Tuesday's trading saw the dollar exchanging for N1,534 in the official window.
CBN data showed that traders quoted the dollar at N1,555, the same rate as Monday, December 16, 2025.
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Source: Legit.ng
