BREAKING: Current Naira to Dollar Exchange Rate

At the close of trading on December 31, 2024, the naira fell to an unprecedented low, driven by a scarcity of dollar liquidity.

According to data from the Central Bank of Nigeria (CBN), the dollar was quoted at N1,535 in the Nigerian Foreign Exchange Market (NFEM), a dramatic drop from N997 per dollar on December 31, 2023, in the erstwhile Nigerian Autonomous Foreign Exchange Market (NAFEM).

The parallel market reflected this downward trajectory. By December 31, 2024, the dollar traded at an average of N1,656, up from N1,164 at the end of 2023, signifying a substantial 29.7 per cent depreciation in the black market.

Analysts attribute the naira’s decline to surging demand for dollars to fulfil both visible and invisible needs, including imports, school fees, and medical expenses, coupled with speculative activities.