Naira Strengthens to N1,315/$, Hits Highest Level Since April 2024

The naira appreciated to N1,315 against a dollar on Thursday
at the official section of the foreign exchange (FX) market.

 

Data from the Nigerian foreign exchange market (NFEM) —
Nigeria’s official market — showed that the currency gained 0.84 percent from
the N1,326 per dollar recorded on September 2.

The last time the exchange rate hit the N1,300 level was in
April 2024.

The latest value represents the currency’s strongest
performance since the Central Bank of Nigeria (CBN) introduced the electronic
foreign exchange matching system (EFEMS).

At the parallel section of the market, the naira also
appreciated to N1,400 per dollar on Friday, from N1,410 per dollar on Thursday.

The naira appreciation across both FX markets comes at a
time when external reserves are hovering at the highest level in more than 17
years.

As of Thursday, the FX reserves stood at $54.08 billion,
according to the CBN, compared to the $45.56 billion recorded on January 2,
representing $8.51 billion or 18.69 percent growth year-to-date.

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