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DOLLAR
The naira's strong performance has continued as the local currency appreciated again to close at N1514/$1 at the parallel market on Wednesday, February 19, 2025.
Bitcoin's correction below $96,000 has caused the cryptocurrency market to turn "pink."
The Nigerian naira is at its strongest level in the unofficial market this year amid improved market fundamentals and ongoing reforms by the Central Bank of Nigeria.
The Nigerian naira showed significant stability in the first week of February 2025, trading below N1,555/$1 in the parallel market, signaling a strong appreciation against the US dollar, market sources disclose.
The exchange rate between the naira and the US dollar showed signs of stability mid-week, trading at N1,605/$1 in the parallel market on Wednesday, February 5, 2025.
The Nigerian Naira closed January 2025 at N1,475/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEM), marking its strongest performance since June 2024.
The Nigerian naira appreciated against the U.S. dollar in the parallel market on Friday, closing at N1,610/$1, compared to N1,630/$1 recorded on Thursday.
The Nigerian naira appreciated to N1,635 per dollar in the parallel market on Tuesday, strengthening from N1,650 per dollar recorded on Tuesday.
The Nigerian currency at the unofficial market maintained its face value at the second trading session of the week.
The naira maintained the N1660-7 range against the haven currency in the unofficial market despite high volatility in the dollar index following President Trump's swearing-in.
The naira dipped against the safe-haven currency at the official market amid rising oil prices in global markets.
The Nigerian currency remained relatively stable during the week's first trading session despite persistent pressure from the dollar's strength and stronger-than-expected U.S. economic data.