Data from market trackers showed the naira traded within the ₦1,370–₦1,375 range at the Nigerian Foreign Exchange Market (NFEM), reflecting sustained stability in the formal currency market amid ongoing efforts to improve liquidity and strengthen investor confidence.

At the official market rate, $100 exchanged for approximately ₦137,325, indicating a marginal appreciation of the local currency compared with previous trading sessions.

Market analysts attributed the naira’s recent performance to improved foreign exchange supply, tighter market regulation, and growing confidence in the country’s economic reform programme.

Recent market data also showed the USD/NGN exchange rate hovering around the ₦1,367 mark, underscoring the currency’s resilience and extending the positive momentum recorded over the past few trading days.

Meanwhile, activity in the parallel market remained relatively stable. Dealers quoted the dollar between ₦1,375 and ₦1,400, depending on transaction size and location.

The continued appreciation of the naira comes as the federal government maintains that recent economic reforms are helping to stabilise key macroeconomic indicators and restore confidence among domestic and foreign investors.

Financial market observers will be watching closely to see whether the local currency can sustain its current momentum in the coming sessions, particularly as global market conditions and foreign exchange inflows continue to influence exchange rate dynamics.

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According to Aboki FX, an online public repository that tracks Nigeria’s daily parallel exchange rates, the market is currently trading at a buy rate of N1,460 and a sell rate of N1,465 for the Naira-to-dollar exchange.

For the Naira-to-Pound rate, the black market recorded a buy rate of N1,905 and a sell rate of N1,925. The Naira-to-Euro exchange stood at N1,665 (buy) while the sell rate was N1,685.

Meanwhile, the GT Bank Daily FX Windows Rate For International Transactions closed at N1,447/$.

Again, the Central Bank of Nigeria (CBN) Daily Nigerian Foreign Exchange Market (NFEM) rate closed at N1,444/$ last week Friday, as the rate for the day had not been updated at the time of filing this report.

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The local currency also recovered slightly against other major currencies. Against the British pound, it strengthened to N2,075/£1 from N2,080/£1, while the sell price remained unchanged at N2,100/£1. 

Similarly, it appreciated against the euro, trading at N1,770/€1 from N1,775/€1, with the sell price easing to N1,790/€1 from N1,800/€1.

However, the naira weakened marginally at the official window, where it closed at N1,535/$1 compared to N1,534/$1 on Monday. Data from the Nigerian Foreign Exchange Market (NFEM) showed the currency fluctuated between N1,534/$1and N1,535.50/$1 during Tuesday’s session.

The naira’s mixed performance reveals ongoing supply and demand pressures in the forex market. Analysts note that consistent interventions by the Central Bank of Nigeria (CBN) remain critical in stabilising the currency.

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As the demand for foreign currencies mounted, the naira also declined against the euro, as the euro buy price rose to N1,775/€1, and sold for N1,800/€1 on the first day of the week.

However, the naira movement recorded a mixed performance, despite depreciating against other foreign currencies, the Nigerian currency strengthened against the British pound to N2,080/£1 from its prior rate of N2,090/£1 while it sold for N2,100/£1 from N2,110/£1.

In the official market, the naira’s performance was similarly to the black market as it opened the week lower at N1,534/$1, a mild depreciation from its last Friday close of N1,533/$1.

During the day’s trading session, the pair fluctuated between N1,532/$1 and N1,535/$1 on Monday.

The naira’s slow start to the week highlights ongoing pressure in the foreign exchange market. However, market participants continue to watch the naira while monitoring developments that could influence the currency’s performance.

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This marks a stronger close compared to the week’s opening rate, with the currency gaining 0.32% from N1,545/$1 on Monday to N1,540/$1 on Friday.

Against the British pound, the naira rose slightly to N2,090/£1 from N2,095/£1, while the sell rate stood at N2,110/£1. It, however, weakened marginally against the euro, falling to N1,770/€1 from N1,775/€1, with the sell rate easing to N1,790/€1 from N1,800/€1.

In the official market, the naira mirrored this positive trend against the U.S. dollar, closing at N1,534/$1 on Friday. Throughout the week, the official rate remained relatively stable, fluctuating between N1,533/$1 and N1,536/$1.

Data from the Nigerian Foreign Exchange Market (NFEM) showed intraday movements on Friday ranging from N1,529.75/$1 to N1,535/$1.

The naira’s relative stability signals sustained market confidence. However, analysts note that maintaining this momentum will require consistent policy support and continued investor trust.

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Drawing on a sample of 1.1 billion app downloads and 20,000 apps, the report reveals a growing trend in finance app installs, reflecting the region’s strides toward economic recovery following a general rise in inflation and macroeconomic instability.

According to data, while overall app installs continued to grow in 2024, finance apps stood out, highlighting an impressive 34% increase in downloads between Q1 and Q3, when compared to the same period in 2023.

iOS emerged as the primary contributor to this trend, experiencing a twofold increase in finance app installs during Q1 2024, compared to the same quarter in 2023.

Financial Search Trends in Nigeria and South Africa 

Leveraging Google Search trends, the report uncovers key trends and purchasing interests within the financial services sector, one of the most-searched categories in Sub-Saharan Africa.

In Nigeria, Google Searches point to an overall growth in financial services interest between January 2023 to August 2024, with “Naira” “dollar” “naira to dollar” and “loans” as the most searched terms, indicating a growing apprehension about the country’s currency devaluation.

Financial searches also reached a high between February and April, in line with the Naira falling to a record low in February.

On the other hand, finance related searches have remained relatively static in South Africa, with spikes in January and August, coinciding with seasonal peaks such as educational expenses, holiday financial expenses, and other cultural activities.

2025 Outlook for Marketers

While the finance sector faced a challenge in Q1 to Q3 2024, with Android installs dropping 27% due to reduced app install ad spend, in-app purchase (IAP) revenue from finance apps is showing strong growth across the region, indicating a shift toward more consistent in-app spending.

Figures on IAP revenue from finance apps in sub-Saharan Africa have shown a boost in Q3 with a 46% increase compared to the same quarter in 2023.

This also aligns with an overall growth trend of 28% between Q1 – Q3 as a whole.

In Nigeria specifically, iOS has seen a 51% jump in IAP revenue from finance apps compared to Q1 – Q3 of the previous year.

Marketers can look forward to continued growth in Sub-Saharan Africa’s mobile landscape, fueled by rising installs and in-app purchase revenue from finance apps.

This momentum is further supported by a promising 9% increase in ad spend recorded in Q4 2024, compared to Q3.

Commenting on findings gathered from the report, Netta Lev Sadeh, managing director EMEA SANI, AppsFlyer stated,

“Our partnership with Google has allowed us to gain valuable insights into the dynamic financial services landscape. As one of the most exciting sectors in the region, the findings of this report underscore the crucial role of mobile phones and apps in continuing the advancement of financial inclusion, helping to bridge a critical gap across Sub-Saharan Africa. We are excited to see the steadily growing trend in IAP revenue from finance apps, which signals a promising and optimistic outlook for the region’s economic future.”

Lorraine Landon, head of Advertising Products and Solutions – SSA for Google, added

“This report from AppsFlyer is a must-read for brands and advertisers targeting the African market. The data clearly shows a huge opportunity to connect with consumers through mobile apps, with engagement growing significantly year-over-year. We are proud to once again partner with AppsFlyer on this report, which reflects our commitment to supporting businesses in this dynamic market and serves as a great starting point for unlocking success.”

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Naira touched an all-time low at the official market to trade at N435 per $1 on Thursday and Friday respectively, after the Central Bank of Nigeria (CBN) adjusted the country’s exchange rate on its website to N413.49 to a dollar.

The move by the CBN may indicate another round of devaluation of the currency by the bank.

In May, the apex devalued the naira from N379 to N411.00 per dollar after adopting the Investors and Exporters (I&E) window rate, also known as Nafex rate.

Recall that Pro. Yemi Osinbajo, the Vice President of Naira had urged the CBN to bow to market forces, saying that exchange rate is ‘artificially low’.

Meanwhile, at the close of business on Friday, being the last day of 2021, naira recorded no movement against the U.S. dollar at the official market.

It closed at N435.00 to a dollar, the same rate the currency exchanged hands with the greenback on Thursday, data published on FMDQ securities exchange windows where forex is officially traded showed.

This occurred as foreign exchange supply decreased substantially from what was recorded in the previous session Thursday.

The rate is the biggest fall Nigeria’s naira has ever experienced in the official market since February 23. Naira has weakened on a yearly basis for nine years on a stretch, according to Bloomberg data.

The Nafex rate has oscillated between 414 and 415 in the past three months before the sudden fall to 435.

Naira was devalued by 14.78 per cent at the official window in 2021, recording a significant fall from the N379.00 to a dollar rate quoted on the CBN website at the beginning of the year.

The CBN devalued the currency three times since March 2020 amidst lower oil income putting pressure on the nation’s reserves, and has resisted calls by the International Monetary Fund and the World Bank for a merger of the multiple rates.

The local unit which opened trading at N420.67 per $1 on Friday reached an intraday high of N400.00 and a low of N445.60 before closing at N435.00 again on the dot.

Forex turnover dipped by 33.90 per cent, with $150.26 million recorded at the close of trade on Friday against the $227.29 million published in the previous session on Thursday.

Currency dealers in Uyo black market exchanged the local currency with the greenback at N560.00 to a dollar and sold at N565.00, while dealers in the street of Abuja, exchanged the naira at N565.00 and sold at N567.00 to a dollar at the close of business on Friday.

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