The Naira appreciated further in the official market on Friday, closing at N1,474.78 per dollar, according to data from the FMDQ Securities Exchange. This marks a gain of N11.17, reflecting a 0.7% increase from Thursday’s closing rate of N1,485.95 per dollar.
Trading in the Investors and Exporters (I&E) Forex window on Friday saw fluctuations, with a high of N1,495.01 and a low of N1,447.50.
Since December 2024, the Naira has maintained relative stability against the US Dollar, bolstered by ongoing foreign exchange (FX) reforms introduced by the Central Bank of Nigeria (CBN). The reforms are aimed at enhancing transparency in the forex market and attracting foreign investments.
Speaking at the 2025 Monetary Policy Forum in Abuja on Thursday, CBN Governor Olayemi Cardoso emphasized that recent FX policies had continued to boost investor confidence and capital inflows. He reassured that the apex bank remains committed to sustaining these efforts for long-term currency stability.