Naira strengthens further against dollar at official market

The Nigerian Naira continued its upward momentum on Monday, appreciating to ₦1,452.79 per dollar at the official foreign exchange market.

According to data released by the Central Bank of Nigeria (CBN), the local currency gained ₦5.16 against Friday’s rate of ₦1,457.95, marking a 0.35% improvement.

This steady rise extends the Naira’s positive performance from the previous week, signaling renewed market confidence and potential stability in the foreign exchange market.

The Association of Bureau De Change Operators of Nigeria commended the month-long appreciation of the naira in both official and parallel markets.

ABCON president Aminu Gwadabe disclosed in Lagos that several factors contributed to the gains.

He listed them as Nigeria’s exit from the Financial Action Task Force (FATF) grey list, increased oil revenue, higher foreign reserves, and diaspora remittances.

Mr Gwadabe congratulated the nation for leaving the FATF grey list, noting that the naira gained N10 against the dollar at the parallel market on Monday.

He said the development had boosted investors’ confidence and attracted more foreign investments into the country.

According to him, sustained reforms and information sharing among security agencies helped trace proceeds of crime and facilitated Nigeria’s exit from the list.

He added that the CBN’s success in raising foreign reserves to about $42.26 billion provided a strong buffer for the naira.

“The sustained stability has reduced speculation. Speculators’ activities have been rendered ineffective in the market,” he said.

(NAN)