The official and parallel foreign currency markets saw weekly increases of N18.85 and N20, respectively, for the naira relative to the US dollar.
At the official FX, FMDQ showed that the Naira ended the week under review at N1531.20 per dollar on Friday, 24th January, 2025, from the beginning of the week at N1,550.05.
This indicated that the naira gained N18.85 against the dollar on a week-on-week basis.
Similarly, at the parallel market, the Naira strengthened to N1,660 at the end of closing week, Friday, 24th January 2025, compared to N1,680.
This showed that at the black market, it gained N20 against the dollar.
Accordingly, the FX exchange rate data in the last week showed that the naira outperformed the dollar.
Meanwhile, the naira fluctuations persisted in the week under review.
During the week, the Central Bank of Nigeria Governor, Olayemi Cardoso, stated that Nigeria’s economy is projected to grow by 4.17 percent in 2025; however, he did not explain clearly how the projection could come alive.
Also, Olusegun Omisakin, chief economist of the Nigerian Economic Summit Group (NESG), an economic think tank, said Nigeria’s economy could reach 5.5 percent in 2025.
Recall that the country’s GDP grew by 3.46 percent in real terms in the third quarter, Q3, of 2024.
Written By Ogaga Ariemu