Naira records second marginal gain in new year

The naira on Friday recorded a second marginal gain against the dollar as pressure eases in the official foreign exchange (FX) market.

Data from the Central Bank of Nigeria (CBN) showed that in the Nigerian Foreign Exchange Market (NFEM), the dollar was quoted at the rate of N1,537 on Friday, compared to N1,538 quoted on Thursday, the first trading day of the new year.

The market recorded the highest bid as authorised quoted the dollar at N1,545 on Friday, the same rate as of Thursday. The lowest bid printed at N1,533, lower than N1,532 quoted the previous day.

In the parallel market, also known as black market, the naira steadied at N1,665 per dollar on Friday.

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At the FMDQ Securities Exchange Limited platform, the FX market opened at N1,538 per dollar and closed at N1,534.05/$1 on Friday. The data from the FMDQ revealed that the dollar was quoted at the highest rate of N1,539 and lowest bid rate of N1,530.50 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The data was computed based on FMDQ Exchange FX closing rate methodology using data from Bloomberg BMatch.

In November 2024, the Central Bank issued comprehensive guidelines for the operations of the interbank foreign exchange trading system via the Electronic Foreign Exchange Matching System (EFEMS), pegging the minimum tradable amount at $100,000 with incremental clip sizes of US$50,000.00, to promote transparency and efficiency in the FX market.

To facilitate interbank trading under this framework, the CBN approved Bloomberg BMatch as the designated platform supporting EFEMS. All market participants are mandated to adhere strictly to the guidelines and any future amendments issued by the CBN.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.