News Update
As of January 1, 2025, the Nigerian Naira (NGN) has continued to experience some level of volatility against the US Dollar (USD), while this has been the norm for decades now, this largely to some extent reflects the ongoing economic challenges.
As at December 31, 2024 , the black market exchange rate stands firmly at approximately N1,658 per USD. This means if you want to buy a dollar now, it is N1,658 while if you want to sell it is approximately N1,640.
New data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.
In addition, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.
This comes as the FG and CBN have promised to enact policies in 2025 that will cushion the ever increasing gap between the Naira and Dollar.
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