As of December 18, 2024, the Nigerian naira has experienced fluctuations in its exchange rates against major currencies. On December 17, the naira appreciated by N1.05 or 0.07% to N1,544.05 per US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), up from N1,545.10 [3850a454]. However, it depreciated against the Pound Sterling by N5.75 to N1,946.63 per pound and against the Euro by N2.86 to N1,611.73 per euro [3850a454]. In the parallel market, the naira remained stable at N1,660 per dollar [3850a454].
This mixed performance reflects ongoing fluctuations in the currency market, despite the Central Bank of Nigeria's (CBN) efforts to stabilize the naira. The CBN has set an ambitious target of achieving an exchange rate of N1,400 to the dollar by 2025 [92e05b17]. The recent changes come on the heels of the CBN's introduction of the Electronic Foreign Exchange Matching System (EFEMS) on December 2, 2024, which is designed to enhance market transparency and efficiency [30e64cbe].
Market analysts continue to monitor these developments closely, noting that the minimum tradable amount on EFEMS remains at $10,000, prompting some legitimate buyers to seek forex in the black market [a26037eb]. As the CBN navigates these economic challenges, stakeholders are also paying attention to the performance of cryptocurrencies. Recently, Bitcoin (BTC) dropped by 2.6% to $103,838.00, while Ethereum (ETH) fell by 4.2% to $3,842.17, and Litecoin (LTC) rose by 4.8% to $122.42 [3850a454].
Additionally, FrieslandCampina Wamco Nigeria Plc's share price increased by N3.90 to N44.00, boosting the NASD OTC index by 0.29%, with trading volume surging by 496.4% to 540,503 units [3850a454].