Tinubu predicts new exchange rate as naira remains stable in official window Nexovant

The Nigerian currency, the naira, depreciated marginally in the official window on Wednesday, December 18, 2024
The naira was exchanged for N1,544.18 in the official window against the previous day’s rate of N1,534 per dollar
The development comes as President Bola Tinubu put the naira’s exchange rate for 2025 at N1,500 per dollar

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The naira depreciated slightly in the official window on Wednesday, December 18, 2024, trading at N1,544.20 per dollar, representing a 0.01% drop.

According to data from the Electronic Foreign Exchange Market System (EFEMS), the local currency remained stable against the dollar at N1,538.88.

The naira depreciates slight in FX markets The naira depreciates as President Tinubu predicts a new exchange rate for 2025. Credit: Bloomberg/Contributor
Source: Getty Images

EFEMS helps naira to stabilise

Since the Central Bank of Nigeria (CBN) introduced the EFEMS, the naira has held its ground against the dollar and other major currencies.

On Tuesday, December 17, 2024, the naira appreciated against the dollar marginally in EFEMS due to a surge in local currency demand.

The margin between official and black market widens

Meanwhile, on Wednesday, December 17, 2024, currency traders quoted the dollar at a high of N1,458 per dollar, lower than the previous day’s rate. They also priced the dollar at a low of N1,529, lower than the previous day’s figure.

However, the naira lost N20 in the parallel market on Wednesday, December 17, 2024, closing at N1,680 per dollar, down from the N1,660 it traded the previous day. The gap between the official and parallel markets also grew by N136.

Tinubu predicts new FX rate for 2025

President Bola Tinubu said the Nigerian government has pegged the official exchange rate at N1,500 for next year’s budget.

He stated this during the budget presentation at the National Assembly’s joint session on Wednesday, December 17, 2024.

The naira remains steady in the official market

Legit.ng earlier reported that the naira steadied against the dollar in the official market on Tuesday, December 17, 2024.

The newest data from the CBN showed that traders quoted the dollar at N1,555, the same rate of Monday, December 16, 2025.

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Source: Legit.ng

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