The Dollar to Naira exchange rate in the black market rose to N1,620 per Dollar on Friday, 20th December from N1,650 per Dollar it closed on Wednesday, 18th December 2024.
Operators via AbokiFX are buying the Dollar for as low as N1,650 and as high as N1,700.
The rate at the official market closed at N1,554 per Dollar as of December 18 according to quotes on the FMDQ Securities Limited website.
The Naira has been trending upward since the Central Bank of Nigeria (CBN)-backed Electronic Foreign Exchange Matching System (EFEMS), which sets new guidelines for authorised Foreign Exchange (FX) dealers earlier this month.
Since dealers are tasked with conducting due diligence, providing transparent pricing and offering market access through digital solutions, this has eliminated unnecessary pricing of the exchange rate.
Meanwhile, the 2025 budget of N49.7 trillion presented to a joint session of the National Assembly by President Bola Tinubu on Wednesday scaled the second reading at the Senate on Thursday.
Although there was a marked increased in the Naira value of the budget, in dollar terms, the budget contracted by 23.22 per cent, dropping from $36.7 billion in 2024 to $28.18 billion in 2025.
The 2025 Appropriation Bill christened Restoration Budget was passed and referred to the Senate Committee on Appropriation headed by Mr Olamilekan Adeola.
Tinubu has set a 1,500 per Dollar target in the 2025 Appropriation Bill, which according to him will enable the Federal Government to ensure the smooth implementation of the 2025 budget.
This marks a reduction of about N200 from the current rate of N1,700 to a Dollar.