The Nigerian naira has declined to N1,541.36/$ in the official foreign exchange market on the first trading day of the New Year.
Data from the Nigerian Foreign Exchange Market (NFEM), as published on the Central Bank of Nigeria’s website and sighted by Tribune Online, indicates a 0.36 per cent depreciation compared to the closing rate of 2024, which stood at N1,535.82/$.
In the parallel market, the naira closed at N1,655/$, showing an improvement from Tuesday’s N1,670/$.
The naira experienced a 40.9 per cent depreciation in 2024 compared to its official closing rate of 907.11/$ at the end of 2023.
This sharp decline occurred despite several foreign exchange policies introduced by the Central Bank of Nigeria (CBN) to improve market transparency and attract foreign investments.
ALSO READ FROM NIGERIAN TRIBUNE
