BREAKING: Naira appreciates against dollar at official market

The naira continued its upward trajectory on Monday, appreciating further at the official foreign exchange market to trade at ₦1,452.79 per dollar.

According to data from the Central Bank of Nigeria (CBN)**, the local currency gained ₦5.16 compared to Friday’s closing rate of ₦1,457.95 per dollar, representing a 0.35% appreciation.

This marks an extension of the positive trend recorded over the past week.

The Association of Bureau De Change Operators of Nigeria (ABCON) has commended the month-long strengthening of the naira across both the official and parallel markets.

ABCON President, Aminu Gwadabe, attributed the currency’s gains to several key factors, including Nigeria’s removal from the Financial Action Task Force (FATF) grey list, increased oil revenue, rising foreign reserves, and steady inflows from diaspora remittances.

Gwadabe congratulated the nation on its exit from the FATF grey list, noting that the naira appreciated by about ₦10 at the parallel market on Monday following the development.

He added that the move has boosted investor confidence and attracted more foreign investments into the country.

He further explained that ongoing reforms and improved coordination among security agencies have enhanced transparency, helping track illicit financial flows and supporting Nigeria’s successful removal from the FATF list.

According to him, the CBN’s effort to raise foreign reserves to approximately $42.26 billion has provided a strong buffer for the currency.

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

(NAN)