After closing at N1,474.78 per dollar on January 31 at the Nigerian Foreign Exchange Market, naira depreciated yesterday on the first trading day of the week.

According to data from FMDQ Securities Exchange Limited providing daily updates on the official exchange rate, the dollar closed at N1,495.60, a major depreciation against the N1,474.78 it ended the last trading day of January 2025.

The rate appreciated significantly in January 2025, gaining N63.72 against the dollar as of January 31st 2025.

The 4.14 per cent increase last year was a major feat for the country as the exchange rate recorded the highest appreciation in seven months.

Daily Trust reports that the dollar-to-naira exchange has hovered around N1,500 and N1,600 in recent months before stabilising at around N1,500.

But the gain was reversed yesterday with the naira losing over N20 according to the FMDQ.

As the year 2025 takes shape, analysts observed that foreign exchange (FX) stability is a pivotal issue in Nigeria’s economic rebirth.

PWC analysts in a recent report on the 2025 budget and macroeconomic outlook noted that the naira depreciated by average of 39.8% in the official market in 2024 despite external reserves growing to $38.67 billion.

Economic analysts including Dr. Biodun Adedipe, Bismarck Rewane had further projected the moderation of exchange rate in 2025, stabilising at N1575 to one dollar.