The naira rose to N1,315 against the US dollar on Thursday in the official foreign exchange market. Data from the Nigerian Foreign Exchange Market showed the currency gained 0.84 per cent from the N1,326 recorded on 2 September.
Strongest Level in More Than Two Years
Thursday’s closing rate returns the exchange rate to the N1,300 band for the first time since April 2024. It also marks the firmest performance since the Central Bank of Nigeria introduced the electronic foreign exchange matching system (EFEMS).
Parallel Market Improves
In the parallel market, the naira appreciated to N1,400 per dollar on Friday from N1,410 on Thursday. The gains across both the official and parallel windows come as Nigeria’s external reserves remain near their highest level in more than 17 years.
Reserves Climb Year-to-Date
As of Thursday, foreign exchange reserves stood at $54.08 billion, according to the Central Bank of Nigeria. That compares with $45.56 billion on 2 January, an increase of $8.51 billion or 18.69 per cent so far this year.
