The Naira appreciated significantly against the dollar on a week-on-week basis in both the official and parallel foreign exchange markets, gaining N18.85 and N20, respectively.
At the official FX market, data from FMDQ showed that the Naira closed at N1,531.20 per dollar on Friday, January 24, 2025, compared to N1,550.05 at the start of the week, reflecting a N18.85 improvement.
Similarly, at the parallel (black) market, the Naira strengthened to N1,660 from N1,680, showing a N20 gain against the dollar. These movements highlight the Naira’s robust performance against the dollar during the week under review.
Despite these gains, fluctuations in the Naira’s value persisted throughout the week. The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, projected a 4.17% growth for Nigeria’s economy in 2025 but provided limited details on how this target would be achieved. Meanwhile, Olusegun Omisakin, Chief Economist of the Nigerian Economic Summit Group (NESG), offered a more optimistic outlook, suggesting the economy could grow by 5.5% in 2025.
For context, Nigeria’s GDP grew by 3.46% in real terms in the previous year, signalling a foundation for potential growth in 2025. However, achieving the higher projections requires more clarity and concrete policy directions.the third quarter, Q3, of 2024.
