Naira strengthens further as CBN rate hits N1,452.79/$

Naira strengthens further as CBN rate hits N1,452.79/$

ABUJA — The naira continued its upward trajectory on Monday, appreciating to N1,452.79 per dollar at the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN).

The figure represents a gain of N5.16 from Friday’s rate of N1,457.95, marking a 0.35 per cent appreciation and extending the positive trend recorded over the past week.

The Association of Bureau De Change Operators of Nigeria (ABCON) has commended the month-long rally of the naira across both official and parallel markets, attributing the gains to a combination of economic and policy factors.

Speaking in Lagos, ABCON President, Aminu Gwadabe, listed Nigeria’s recent exit from the Financial Action Task Force (FATF) grey list, increased oil revenue, rising foreign reserves, and steady diaspora remittances as key contributors to the currency’s performance.

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Gwadabe noted that the naira gained N10 against the dollar at the parallel market on Monday, adding that the development has boosted investor confidence and attracted fresh foreign inflows.

“Sustained reforms and improved coordination among security agencies helped trace illicit financial flows and facilitated Nigeria’s removal from the FATF grey list,” he said.

He also highlighted the CBN’s success in raising foreign reserves to approximately $42.26 billion, describing it as a strong buffer for the naira.

“The sustained stability has reduced speculation. Speculators’ activities have been rendered ineffective in the market,” Gwadabe added.

The recent gains come amid broader efforts by monetary authorities to stabilise the exchange rate and restore confidence in Nigeria’s financial system.

Naira strengthens further as CBN rate hits N1,452.79/$