Naira Appreciates at Official Market

The naira strengthened against the U.S. dollar at Tuesday’s official foreign exchange market, closing at N1,522.68 per dollar.

According to data from the Financial Market Dealers Quotation (FMDQ) Securities Exchange, the local currency gained N10.95, marking a 0.7% appreciation compared to Monday’s closing rate of N1,533.63 per dollar.

The naira’s slight rebound reflects ongoing market dynamics amid efforts to stabilise the foreign exchange sector.

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 December 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 January 2025, leading to additional health for the local currency.

Analysts during the Nigerian Economic Summit Group (NESG) 2025 Economic Outlook noted that a stabilised exchange rate will drive down inflation to boost the nation’s GDP.

NAN