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Nigeria’s exchange rate appreciated significantly in January 2025, gaining N63.72 against the dollar to close at N1,474.78 per dollar on January 31 at the Nigerian Foreign Exchange Market.

According to data from the FMDQ Securities Exchange Limited and the Central Bank of Nigeria, this increase of 4.14 per cent pushes the local currency to the highest level it has reached in seven months, with the last time the currency traded at a similar rate being June 11, 2024, when it stood at N1,473.88/$ in the official market.

The sharp increase has been attributed to policies implemented by the CBN, which have influenced market dynamics and contributed to the currency’s strengthening.

Authorised currency dealers quoted the dollar as high as N1,495.01/$ and as low as N1,447.50/$ at the NFEM.

The naira opened the year at N1,538.50/$ on January 2, 2025, and steadily gained value throughout the month.

By January 3, it had dipped slightly to N1,535.00 before fluctuating within a range that saw it hit N1,560/$ on January 16, marking its highest point for the month.

However, the currency embarked on a more sustained appreciation from the third week of January, closing at N1,531/$ on January 24 and further strengthening to N1,520/$ on January 28.

https://punchng.com/exchange-rate-appreciates-by-n63-to-seven-month-high/