Naira Fights Back At US Dollar, Appreciates By ₦13 At Official Exchange Rate

The Nigerian currency, the Naira, strengthened to ₦1,493 in the official foreign exchange market on Thursday, January 30, 2025.

Naija News reports that recent data released by the Central Bank of Nigeria (CBN) shows that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) decreased from ₦1,506 per dollar on Wednesday to ₦1,493 per dollar, reflecting a ₦13 appreciation for the Naira.

Earlier this year, the official exchange rate had reached the ₦1,400 per dollar mark in both January and May 2024.

The recent appreciation of the official exchange rate follows the introduction of the CBN Foreign Exchange Code earlier this week.

In contrast, the Naira also gained value in the parallel market, rising to ₦1,620 from ₦1,630 per dollar on Wednesday.

As a result, the gap between the parallel market rate and the NFEM rate increased to ₦127 per dollar, up from ₦124 per dollar the previous day.

Meanwhile, the President of the United States of America, Donald Trump, has issued a stern warning to Brazil, Russia, India, China, and South Africa (BRICS) against the plot to boycott the US Dollar.

In a statement issued via his Truth Social media platform, Trump threatened that if the BRICS countries declared goodbye to the US Dollar and adopted another currency, they should expect 100 per cent tariffs from the US.

Trump also warned that the BRICS countries would forfeit their sales to the US economy if they succeeded in adopting a currency other than the Dollar.

He wrote: “The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER.

“We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy.

“They can go find another sucker Nation. There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America.”