Naira appreciates to ₦1,376/$ at official market

The naira appreciated further at the official foreign exchange market on Wednesday, trading at ₦1,376.19 to the United States dollar, according to data released by the Central Bank of Nigeria (CBN).

Figures published on the CBN’s website showed that the local currency gained ₦25.20 against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The development represents a 1.8 per cent appreciation compared with Tuesday’s closing rate of ₦1,401.40 per dollar at the same market.

The naira had previously experienced about two weeks of depreciation before beginning to recover on Tuesday and extending the gains on Wednesday.

Market analysts attributed the strengthening of the currency to improved supply of foreign exchange and continued economic reforms aimed at stabilising the market.

Some traders also linked the appreciation to increased inflows from exporters and foreign portfolio investors participating in the market.

The Central Bank of Nigeria has consistently maintained that ongoing reforms are designed to enhance liquidity, transparency and overall stability within the foreign exchange market.

A market update on the CBN’s website stated, “The naira appreciated by ₦25.20, representing a 1.8 per cent gain against the dollar at NAFEM.”