The Naira continued its upward momentum on Monday, appreciating to ₦1,452.79 per dollar at the official foreign exchange market.
According to data from the Central Bank of Nigeria (CBN), the local currency gained ₦5.16 compared to Friday’s rate of ₦1,457.95, representing a 0.35 per cent appreciation. This marks the continuation of a weeklong rally that began in the previous week.
The Association of Bureau De Change Operators of Nigeria (ABCON) hailed the Naira’s steady recovery across both official and parallel markets.
Speaking with the News Agency of Nigeria (NAN) in Lagos, ABCON President, Dr. Aminu Gwadabe, attributed the currency’s strength to several positive developments, including Nigeria’s removal from the Financial Action Task Force (FATF) grey list, improved oil revenues, stronger foreign reserves, and increased diaspora remittances.
Gwadabe noted that the Naira appreciated by ₦10 in the parallel market on Monday, reflecting renewed investor confidence and a rise in foreign inflows.
He commended the government’s sustained reforms and improved collaboration among financial and security agencies, which, he said, helped trace illicit financial flows and contributed to Nigeria’s removal from the FATF grey list.
The ABCON president also highlighted the CBN’s success in boosting the nation’s foreign reserves to about $42.26 billion, describing it as a key factor supporting the currency’s resilience.
“The sustained stability has reduced speculation. Speculators’ activities have been rendered ineffective in the market,” Gwadabe said.
Economists say the Naira’s recent gains reflect growing optimism about Nigeria’s macroeconomic outlook, especially as foreign exchange reforms and monetary tightening measures begin to yield results.
