Naira ends week stronger at official market

The Naira ended the trading week stronger on Friday, appreciating to N1,380.18 against the United States dollar at the official foreign exchange market. Data published on Friday by the Central Bank of Nigeria (CBN) showed the local currency gained N1.34 compared with Thursday’s closing rate of N1,381.52 per dollar. The latest appreciation represented a 0.09 per cent gain, extending the Naira’s relative stability despite slight fluctuations recorded during trading this week. The improved performance follows ongoing foreign exchange reforms introduced by the CBN to enhance transparency, improve liquidity and restore confidence in Nigeria’s currency market. CBN Governor, Mr Olayemi Cardoso, said the reforms had restored stability and transparency to Nigeria’s foreign exchange market after years of distortions. Cardoso spoke during a fireside chat at the 14th Annual BusinessDay CEO Forum held in Lagos on Thursday. He said the reforms had ended the era of multiple exchange rates, creating a more transparent and efficient market for businesses and individuals. According to Cardoso, Nigerians can now access foreign exchange through a more efficient, competitive and market-driven system that supports economic activities. Related News Naira sustains rally at official window, closing at N1,355 to dollar Naira exchanges at N1,385/$ in renewed rally CBN orders IMTOs to open Naira settlement accounts for transactions He said the return of international usability for Naira payment cards demonstrated renewed confidence in Nigeria’s financial system and foreign exchange market. Read Also: Forex daily turnover nears $1 billion in push for stronger naira Cardoso noted that the narrowing gap between exchange rates and stronger external reserves showed the reforms were delivering measurable and sustainable results. He disclosed that Nigeria’s net foreign reserves had increased from about 3.7 billion dollars when the current management assumed office to over 40 billion dollars. According to him, the country’s gross external reserves have climbed to about 52 billion dollars, providing roughly 10 months of import cover. Cardoso said the stronger reserve position had boosted investor confidence while improving the nation’s ability to withstand external economic shocks. He reaffirmed the apex bank’s commitment to policies that would deepen foreign exchange market liquidity and sustain long-term stability across Nigeria’s financial system. (NAN) --> --> TAGS: Dollar