The Nigerian naira has experienced a decline against the US dollar in both official and parallel markets, just hours before the new year.
On Monday, December 29, 2024, data from the FMDQ Exchange revealed that the naira closed at ₦1,538.55 per dollar, a drop from ₦1,534 recorded on Friday. Similarly, in the black market, the naira traded at ₦1,662 per dollar, a slight decline from ₦1,660 the previous day.
Looking ahead to 2025, a report by Afrinvest has projected that the naira could further depreciate to ₦1,804 per dollar. The Centre for the Promotion of Private Enterprise also highlighted Nigeria’s high inflation rate, which stood at 34.60% in November, but expressed optimism for moderation in the coming year.
These developments come amidst broader economic concerns as Nigeria navigates inflationary pressures and fluctuating currency values.
