The Naira recorded its strongest performance since 2024, closing the week at ₦1,458 per US dollar on Friday, as the Central Bank of Nigeria (CBN) intensified measures to stabilize the foreign exchange (FX) market and consolidate recent monetary policy gains.
According to official data published on the CBN’s website, the domestic currency opened the week at ₦1,464/$1 on Monday, before slipping slightly to ₦1,472/$1 on Tuesday. The Naira, however, regained momentum midweek, appreciating to ₦1,469/$1 on Wednesday and ₦1,464/$1 on Thursday, before strengthening further to ₦1,458/$1 on Friday — marking its best level in nearly a year.
At the parallel market, the Naira traded within the range of ₦1,495 to ₦1,505 per dollar, reflecting a narrow premium over the official rate. The minimal spread between both markets signals a significant reduction in arbitrage opportunities, a key objective of the CBN’s ongoing FX market reforms.
Currency analysts attribute the Naira’s rally to the CBN’s tightening monetary stance, improved FX liquidity, and enhanced confidence among investors and market participants. The apex bank’s recent policies — including increased dollar inflows through official channels, greater transparency in FX reporting, and a clampdown on speculative trading — have all contributed to restoring relative market stability.
A senior currency dealer in Lagos noted that the sustained appreciation reflects “renewed discipline and consistent intervention” by the CBN, alongside improved supply from exporters and remittance channels.
The stronger Naira also comes as inflationary pressures show early signs of moderation, with investors expressing cautious optimism that the CBN’s policy reforms are beginning to yield tangible results.
The CBN has reiterated its commitment to maintaining a unified, transparent FX regime while supporting measures that enhance dollar inflows, encourage local production, and rebuild market confidence.
With the Naira’s latest performance, financial analysts say the currency could be entering a new phase of relative stability, provided that fiscal and monetary authorities sustain reform momentum and guard against renewed speculative pressure.
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