Naira strengthens against Dollar post- Christmas, records mixed performance against other currencies

The Nigerian naira showed resilience as it appreciated against the US dollar on its return to trading after the Christmas holidays.

According to data from FMDQ, the naira gained strength on Friday, December 27, 2024, trading at N1,534/$1, a notable improvement from the N1,540.45/$1 recorded on Tuesday, December 24, 2024. This represents a gain of N6.45 for the local currency within three days.

The naira appreciated by N6.45, reaching N1,534/$1 in official markets, while it remained stable, trading at N1,650/$1, unchanged from its pre-Christmas rate at the black market.

The naira weakened by N10, trading at N2,160/£1 compared to the previous rate of N2,150/£1. Euro (EUR): The naira lost another N10, trading at ₦1,730/€1, down from ₦1,720/€1.

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Canadian Dollar (CAD): The naira held firm against the Canadian dollar, maintaining its rate at N1,280/CA$1.

The mixed performance highlights the naira’s fluctuating strength across global currencies, with gains in the dollar market contrasting with losses against the British pound and euro.

Market analysts attribute the appreciation against the dollar to increased forex liquidity following the holiday lull and expect further fluctuations as end-of-year demand stabilizes.

This development underscores the continued volatility of Nigeria’s foreign exchange market, influenced by economic policies, global market trends, and domestic factors.