The Nigerian Naira recorded a marginal appreciation against the U.S. Dollar in the official foreign exchange market on Thursday, according to data from the FMDQ.
The exchange rate for the Naira stood at N1,541.38 per dollar, up from N1,544.20 on Wednesday. This represents a slight gain of N2.82 in comparison to the previous day’s rate.
In contrast, the parallel market (or black market) remained stable, with the Naira maintaining its value at N1,660 per dollar, the same rate recorded on Wednesday.
This development comes shortly after President Bola Ahmed Tinubu, on Wednesday, pegged Nigeria’s N49.7 trillion 2025 budget proposal on an exchange rate of N1,500 per dollar. The government’s budgetary assumptions include this rate as a key parameter for its fiscal planning in the coming year.
