Naira Records Highest Gains in Months, Strengthens Against Dollar in FX Market

Ilesanmi Adekanbi19 minutes ago

1 minute read

The Nigerian naira has recorded a significant appreciation, marking its highest gains in months as it continues its upward trajectory against the US dollar in the foreign exchange market.

According to data from the FMDQ Securities Exchange, the naira strengthened considerably, rising to N1,485.95 per dollar on Thursday, compared to N1,510.72 per dollar recorded on Wednesday. This represents a notable appreciation of N24.77 within a single day, signaling renewed investor confidence and improved market dynamics.

Similarly, in the parallel market, the naira was traded at N1,630 per dollar on Thursday, slightly weaker than the N1,623 per dollar rate recorded the previous day. While the black market rate remains volatile, the sustained gains in the official window suggest a positive trend in the country’s forex landscape.

The strengthening of the naira comes amid recent policy measures by the Central Bank of Nigeria (CBN), particularly the introduction of the FX Code, aimed at improving transparency, stabilizing the exchange rate, and boosting liquidity in the forex market. These reforms appear to be yielding results, as the naira continues to recover from previous declines.

Newsflash Nigeria recalls that the last time the naira traded below **N1,500 per dollar** in the official market was between February and March 2024, a period when it was hailed as one of the best-performing currencies globally. The recent surge in value raises hopes for further stability in the forex market and a potential reduction in inflationary pressures on imported goods and services.

Market analysts will continue to monitor developments closely, as the CBN’s interventions and other macroeconomic factors influence the naira’s trajectory in the coming weeks.