The Nigerian Naira has recently made notable gains against the US Dollar, strengthening to ₦1,493 per dollar in the official foreign exchange market on Thursday, January 30, 2025.

 According to data from the Central Bank of Nigeria (CBN), the Naira appreciated by ₦13, as the exchange rate dropped from ₦1,506 per dollar on Wednesday to ₦1,493 per dollar.

This appreciation follows a period of volatility in the currency market, with the Naira reaching ₦1,400 per dollar earlier in both January and May 2024.

The latest shift in the Naira’s value is attributed to the implementation of the CBN Foreign Exchange Code, which was introduced earlier in the week to stabilize the currency market.

In the parallel market, the Naira also saw some improvement, rising to ₦1,620 from ₦1,630 per dollar on Wednesday. Despite this, the gap between the official exchange rate and the parallel market rate widened, increasing to ₦127 per dollar from ₦124 the previous day.

The Naira’s strengthened position signals some stability in the foreign exchange market, though challenges persist as the country works to balance currency fluctuations.

In related news, US President Donald Trump issued a stern warning to the BRICS nations — Brazil, Russia, India, China, and South Africa — over their efforts to move away from the US Dollar.

On his Truth Social platform, Trump threatened that should the BRICS countries succeed in creating a new currency or backing an alternative to the US Dollar, they would face 100% tariffs from the United States.

He also added that the BRICS nations would be barred from selling goods to the US economy if they chose to adopt a new currency.

 “There is no chance that BRICS will replace the US Dollar in international trade,” Trump said. “Any country that tries should expect tariffs and say goodbye to America.”

Trump’s comments come amid growing discussions among BRICS countries about reducing reliance on the US Dollar in global trade.