The naira increased in value for the second day against the US dollar on Thursday, January 23, 2025, after heightened activities in the forex markets.

The naira, which has remained relatively stable in recent weeks, appreciated N1,548.5 per dollar from N1,552.78, representing 0.28% in the official window.

The Nigerian currency has been hovering between N1,548 and N1,555, showing that it may have found its actual value since its devaluation by the Nigerian government in 2023.

According analysts, current rate indicates that the currency floated by President Bola Tinubu’s government finally found its footing without the periodic interventions of the Central Bank of Nigeria (CBN).

They stated that governments, individuals, and businesses can now plan using the current exchange rate of the naira as volatility has thawed in the FX market.