Naira Strengthens Marginally in Parallel Market Ahead of Christmas, Weakens Slightly in Official Market
As Nigeria celebrates Christmas Eve, the naira has shown a slight strengthening in the parallel foreign exchange market. On Tuesday, December 24, 2024, the naira appreciated by N3, trading at N1,637 per dollar, compared to the previous rate of N1,640 on Monday. According to Bureau de Change operator Abubakar Alhasan in Wuse Zone 4, Abuja, this improvement reflects a minor but positive shift for the naira in the parallel market.
In contrast, the naira experienced a slight depreciation in the official market. The Central Bank of Nigeria’s (CBN) official exchange rate closed at N1,540.45 per dollar on Tuesday, marginally lower than the N1,539.55 recorded on the previous day.
This movement in exchange rates comes as Nigerians prepare for the 2024 Christmas celebrations, with many closely monitoring currency fluctuations during this festive season. It is also noteworthy that Nigeria’s proposed 2024 budget, valued at N49.7 trillion, is based on an exchange rate assumption of N1,500 per dollar, highlighting the government’s economic outlook amidst ongoing currency volatility.
