The Naira has strengthened by N15 against the dollar in the parallel foreign exchange market over the past five days.
A review of FX trends this week indicates that the Naira appreciated in the black market on Wednesday, Thursday, and Friday, closing at N1,565 per dollar—an improvement from Monday’s rate of N1,580.
Conversely, in the official market, the Nigerian currency saw a slight decline, settling at N1,507.8 per dollar, based on the Central Bank of Nigeria’s Thursday report. While Friday’s data has yet to be published on the CBN website, the fluctuation across different FX markets highlights the Naira’s mixed performance in recent days.
Commenting on the link between exchange rates and inflation, the President of the Lagos Chamber of Commerce and Industry, Benson Idahosa, suggested that a rate of N1,300 per dollar could help curb Nigeria’s inflation.
Meanwhile, the CBN is set to unveil new monetary policies during its 299th Monetary Policy Committee meeting, scheduled for February 19 and 20, 2025.
