Naira Extends Gaining Streak, Official Rate Climbs to N1,354
The Nigerian local currency, the naira, saw a market-wide rally on Monday with the official exchange rate closing at N1354 per U.S dollar after hitting an intraday low of N1352.
The local currency has been gaining momentum against the US dollar in the foreign exchange market as FX reforms begin to yield results. The naira is gaining traction, and for the first time in a long time, the Apex Bank is mopping up US dollars from the market.
Update FX data released by the Central Bank revealed that the official rate appreciated by 0.88% to ₦1,354.26/$ at the Nigerian foreign exchange market (NFEM),
The naira also gained a few basis points to close at ₦1,426/$ in the parallel market, reflecting improved currency sentiment across both the regulated official segment and the informal foreign exchange market. FAAC Disburses N22.4trn to FG, States, Local Govts. in 2025
