The Naira appreciated in the official market on Tuesday, closing at N1,522.68 per Dollar.
Data from the FMDQ Securities Exchange forex platform showed that the local currency gained N10.95, reflecting a 0.7 per cent increase from Monday’s closing rate of N1,533.63 per Dollar.
Trading in the Investors and Exporters (I&E) Forex window on Tuesday recorded a high of N1,536.50 and a low of N1,521.50.
The Naira has remained relatively stable against the US dollar since December 2024, following the Central Bank of Nigeria’s (CBN) introduction of the Electronic Foreign Exchange Matching System (EFEMS). Additional reforms by the apex bank in January 2025 have further strengthened the local currency.
Analysts at the Nigerian Economic Summit Group (NESG) 2025 Economic Outlook stated that a stabilised exchange rate could help reduce inflation and boost the nation’s GDP.
Credit: NAN (Text Excluding Hadline)
