The Naira appreciated against the US Dollar on Friday, closing at N1,474.78 in the official market, marking a 0.7% increase from the previous day. The local currency gained N11.17 compared to Thursday’s rate of N1,485.95, according to data from the FMDQ Securities Exchange.
Traders in the Investors and Exporters (I&E) forex window saw the Naira trade between a high of N1,495.01 and a low of N1,447.50. The currency has remained relatively stable since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).
CBN’s Commitment to Forex Stability
CBN Governor Olayemi Cardoso reaffirmed the bank’s commitment to ensuring a steady flow of foreign exchange to strengthen the Naira. Speaking at the 2025 Monetary Policy Forum in Abuja, he highlighted the impact of recent FX market reforms in attracting foreign investments.
“We remain focused on improving transparency and liquidity in the forex market to support the Naira,” Cardoso stated. He assured investors that the CBN would sustain efforts to boost dollar inflows, ensuring continued market stability.
Analysts say the Naira’s recent gains reflect renewed investor confidence and improved FX market efficiency. While fluctuations remain, the CBN’s reforms have helped restore stability and curb excessive volatility.
