The Nigerian currency, the Naira, has had an impressive run against the dollar in the last week, Media Talk Africa reports.
Media Talk Africa, in this report, explains how the Naira outperformed the dollar from Monday, January 27, 2024, to Friday, January 31, 2025, showing that the Naira recorded significant gains against the dollar in both official and parallel foreign exchange markets.
At the official market, the Naira strengthened to N1,478.78 per dollar at the end of the week on Friday, up from N1,533.63, where it traded at the start of the week on Monday.
This shows that, on a week-on-week basis, the Naira appreciated massively by N54.85 against the dollar at the official FX market.
Similarly, at the black market, the recorded impressive gain was when it firmed up to N1,610 per dollar on Friday, January 31, compared to N1,660 when it began the week.
This represents a N50 gain against the dollar at the black market on a week-on-week basis.
The appreciation is not unconnected to policy interventions by the Central Bank of Nigeria.
Recall that on Tuesday, during the week under review, the CBN introduced the FX Code to ensure transparency within the country’s FX market.
The development comes as the apex bank’s boss, Olayemi Cardoso, warned Nigerian banks against non-compliance with the newly issued FX Code.
