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Naira strengthens further against dollar in official market

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Naira strengthens against dollar

The Nigerian Naira continued its impressive rally on Thursday, strengthening to N1,553.11 against the US dollar in the official forex market. Learn more about its steady appreciation

The Nigerian Naira strengthens its impressive run against the US dollar, trading at N1,553.11 in the official foreign exchange market on Thursday.

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Also read: Naira appreciates slightly against dollar, analysts warn of external risks

This latest gain marks a continued positive trend for the Nigerian currency, bringing welcome news to businesses and consumers alike.

According to data released by the Central Bank of Nigeria (CBN), the Naira gained N12.35, representing a notable 0.79 per cent appreciation when compared to Wednesday’s closing rate of N1,565.46 per dollar.

This steady upward trajectory has been a defining feature of the currency’s performance this week.

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The Naira has been on a consistent path of appreciation, having traded at N1,579.27 on Tuesday and N1,581.58 against the dollar on Monday. This sustained momentum follows a bullish close to the previous week, where the currency opened the new week with a gain of N4.56.

These encouraging gains coincide with the commencement of recapitalisation efforts for Bureau De Change (BDC) Operators, which began on June 3. This initiative may be contributing to increased stability and confidence in the forex market.

“The consistent appreciation of the Naira is a positive development for our economy,” commented a financial analyst who wished to remain anonymous. “It reflects growing confidence and potentially improved liquidity within the official market.”

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The continued strengthening of the Naira is a key indicator for Nigeria’s economic outlook, impacting everything from import costs to the purchasing power of citizens. Observers will be closely watching to see if this positive trend can be maintained in the coming weeks.

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