The naira exhibited minimal fluctuations on Thursday, January 2, 2025, during the year’s first trading session, reflecting a steady performance across key market metrics.
At the official market, also known as the Nigerian Foreign Exchange Market (NFEM), the currency opened at N1,540.00 per dollar, reflecting a slight depreciation of 0.31 per cent compared to the previous session. By the close of trading, the naira had settled at N1,538.23 per dollar, showing no change from the opening rate.
Market activity during the day saw the naira reach a high of N1,542.50 per dollar, marking a 0.31 per cent decline, while the day’s low was N1,535.00 per dollar, representing a 0.46 per cent appreciation from earlier levels.
However, the FX market experienced a 1.2 per cent depreciation, equivalent to an N18 drop, as dealers offered the dollar at N1,538 on Thursday. This was a weaker rate compared to the N1,520 recorded on Tuesday, signalling a notable adjustment in the naira’s trajectory as markets reopened for the year.
In contrast, the parallel market, also known as the black market, maintained stability, with the naira trading at N1,665 per dollar.
This steadiness in the parallel market stood in contrast to the mild fluctuations observed in the official and dealer segments.
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