Naira Appreciates at Official Market, Trading at N1,522.68 to Dollar
Currency Gains 0.7% Following CBN Interventions and Reforms
The Naira appreciated at the official market on Tuesday trading at N1,522.68 to a Dollar.
Data from the FMDQ Security Exchange official forex trading platform revealed that the local currency gained N10.95.
This represents a 0.7 percent gain when compared to the trading figure on Monday when Naira closed trading at N1,533.63 to a Dollar.
Trading on the Investors and Exporters (I&E) Forex window on Tuesday recorded a high of N1,536.50 and a low of N1,521.50.
The Naira has enjoyed relative stability against the US dollar since Dec. 2024 following the introduction of the Electronic Foreign Exchange Matching System (EFEMS) by the Central Bank of Nigeria (CBN).
The apex bank followed up the interventions with additional reforms in Jan. 2025 leading to additional health for the local currency.
Analysts during the Nigerian Economic Summit Group (NESG) 2025 Economic Outlook noted that a stabilized exchange rate will drive down inflation to boost the nation’s GDP. (NAN)
