Naira’s Value Rises Against US Dollar in Official Market, Nears Tinubu's Target for 2025
- The naira strengthened in value against the United States dollar in the official foreign exchange market
- New data showed that the naira bounced back from the previous day's loss to appreciate by N12.82 against the dollar
- The Central Bank of Nigeria has also released the latest exchange rates for the naira against other foreign currencies
The naira appreciated to N1,541.38/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, December 19.
The latest exchange rate represents an improvement of 0.18% or N12.82 compared to the preceding trading day’s N1,554.20/$1.
Source: Getty Images
According to data from FMDQ Securities, Thursday's market participants priced the dollar as high as N1,548.75 and as low as N1,530.50 before it settled at the closing rate of N1,541.38/$1.
In a similar vein, data from the Central Bank of Nigeria showed that the naira appreciated against the pound sterling in the official market yesterday (Thursday) by N17.84, trading at N1,936.23/£1 compared to the preceding session’s N1,954.07/£1.
Additionally, against the euro, the naira strengthened by N77.46 to quote at N1,537.43/€1, versus the midweek closing rate of N1,614.89/€1.
It was also good news for the naira in the black market, as the exchange rate settled at N1,650/$1, in contrast to the previous day’s closing value of N1,666/$1.
Here's a snapshot of naira's exchange rate
- Pounds Sterling: N1,936.23
- Euro: N1,598.77
- Swiss Franc: N1,711.86
- Yen: N9.78
- CFA: N2.46
- WAUA: N2,017.98
- Riyal: N408.94
- Danish Krona: N214.24
- SDR: N2,016.79
- Yuan/Renminbi: N210.70
- South African Rand: N83.87
Tinubu raises hope of stronger naira in 2025
Legit.ng, in a previous report, revealed that President Bola Tinubu projected that the naira would strengthen further against the US dollar in 2025.
He made this declaration while presenting the 2025 budget to the National Assembly.
In his address, the president noted that he expects the naira exchange rate to drop to N1,500/$1 in 2025.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
