Exchange Rate Of The Naira To The US Dollar

The exchange rate of the Naira to the US Dollar in the parallel market is in the positive with the Nigerian national currency appreciating N1,610 to the dollar.

It was N1,615 to the Dollar last week Friday.

The Naira could not however replicate a similar impressive performance in the official market; there, it went down N1,495.6 to the dollar.

Data published by FMDQ, showed that the indicative exchange rate for Nigerian Foreign Exchange Market (NFEM) rose to N1,495.6 per dollar from N1,474.78 per dollar last weekend , indicating N20.82 depreciation for the naira.

This is coming amidst reiterations by the Governor of the Central Bank of Nigeria (CBN), to ensure monetary policy remains forward-looking, adaptive, and resilient.

CBN Governor, Mr. Olayemi Cardoso, stated this while opening the 2025 Monetary Policy Forum, held last week in Abuja, with the theme: “Managing the Disinflation Process”.

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“Our focus must remain on price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship”, he stated enumerating efforts made by the CBN to curb inflation and stabilise the economy in the past year.