The Naira experienced a notable appreciation against the U.S. dollar on a week-on-week basis, gaining N18.85 at the official exchange rate and N20 at the parallel market.
At the official foreign exchange market, according to FMDQ, the Naira closed the week on Friday, January 24, 2025, at N1,531.20 per dollar, up from N1,550.05 at the beginning of the week. This marks a gain of N18.85 for the Naira.
Similarly, in the parallel or black market, the Naira strengthened to N1,660 by the end of the week, compared to N1,680 at the start. This represents a N20 gain against the dollar.
Thus, both the official and parallel markets saw the Naira outperforming the dollar during the review period.
Despite these gains, fluctuations in the Naira’s value continued throughout the week. In related developments, Central Bank of Nigeria Governor Olayemi Cardoso projected a 4.17 percent growth for Nigeria’s economy in 2025. However, the specifics of how this growth projection would be achieved were not clearly outlined. Meanwhile, Olusegun Omisakin, Chief Economist at the Nigerian Economic Summit Group (NESG), suggested the economy could grow by 5.5 percent in 2025.
It is worth noting that Nigeria’s GDP grew by 3.46 percent in real terms in the third quarter (Q3) of 2024.
