Nigeria's currency has continued its rally against the US dollar as pressure eased in the official forex market in the new year.

This is according to the data from the Central Bank of Nigeria (CBN) which shows that in the Nigerian Foreign Exchange Market (NFEM), the local currency was quoted at N1,537 on Friday, January 3, 2025, relative to N1,538 quoted on Thursday, January 2, 2025, the first trading day.

Reports also indicate that the market saw a heightened bid as dealers quoted the dollar at N1,545 on Friday, January 5, 2025, while they offered the lowest bid at N1,533.

The Nigerian currency also steadied at N1,665 in the parallel market on Friday, January 3, 2025.

Data from the FMDQ Exchange shows that the naira opened trading at N1,538 per dollar, closing at N1,534.05 per dollar on Friday, January 3, 2025.

The FMDQ data showed that the dollar traded at a high of N1,539 and a low of N1,530.50.