News Update

THE naira saw a slight improvement against the dollar in the parallel foreign exchange market on Tuesday, Christmas Eve.

Abubakar Alhasan, a Bureau de Change operator based in Wuse Zone 4, Abuja, reported that the naira gained N3, trading at N1,637 per dollar on Monday, compared to its earlier rate of N1,640.

Naira Dollar
Money changers in Lagos, Nigeria on 25 September, 2023.

However, in the official market, the naira experienced a modest decline, closing at N1,540.45 per dollar on Tuesday, a dip from Monday’s rate of N1,539.55. This fluctuation unfolds as Nigerians celebrate ahead of Christmas on Wednesday, December 25, 2024.

Interestingly, Nigeria’s proposed 2024 budget of N49.7 trillion is anchored on an exchange rate assumption of N1,500 per dollar.

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