Naira extends gain against dollar

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Naira extends gain against dollar

The Nigerian naira extended its gains against the dollar at the official foreign exchange market to close trading on Friday.

Exchange data from the Central Bank of Nigeria showed that the naira strengthened to N1,534.56 against the dollar on Friday from N1,541.36 traded on Thursday. This means that the naira gained N6.8 against the dollar.

Meanwhile, on the black market, the naira remained unchanged at N1,660 per dollar, the same exchange rate recorded on Thursday.

Waploaded reports that on Thursday, the naira recorded a gain upon the resumption of business after the New Year holiday.

President Bola Ahmed Tinubu, in his N49.7 trillion 2025 budget proposal at the National Assembly, fixed the exchange rate at N1,500.

Economist Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, opined that the bench-marked N1,500 per dollar exchange rate for 2025 is achievable with increased foreign direct investment into Nigeria.