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Naira gains marginally against dollar in FX market

Onwubuke Melvin
Onwubuke Melvin

The naira saw modest gains in Nigeria’s foreign exchange market.

On Thursday, the Nigerian currency appreciated slightly in the official market, closing at N1,548.59 to the U.S. dollar.

FMDQ data revealed this was N4 lower than the previous day’s exchange rate of N1,552.58/$1.

The naira remained stable on the black market, with foreign exchange rates holding steady in the unofficial market. On Friday morning, it traded at N1,660 to the U.S. dollar.

The CBN’s governor, Olayemi Cardoso credited the recent forex reforms for promoting stability and expressed confidence in the naira’s competitiveness. “I“I have high confidence that the nation will experience a favorable result. The effects are already being felt, particularly about international remittances.’

According to Cardoso, the inflows through international money transfer operators have been remarkable.

He emphasized the need for innovative solutions while recognizing the significant economic challenges of 2024, including dwindling foreign exchange reserves, declining oil prices, and reduced oil production.

“Instead of complaining about our challenges, we had to look for fresh approaches and chances, and the outcomes have been positive. Positive results are being obtained from the reforms,” he added.

Cardoso outlined key reforms implemented by the CBN in 2024, including clearing $7 billion in verified forex commitments, halting quasi-fiscal interventions, and unifying the exchange rate windows.

He stressed that these actions were critical in stabilizing the naira and strengthening Nigeria’s economic standing on the global stage.


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