Naira appreciates to ₦1,493/$ in official market amidst CBN FX reforms

The Nigerian Naira strengthened against the US dollar in the official foreign exchange market on Thursday, closing at ₦1,493/$, according to data from the Central Bank of Nigeria (CBN).

This marks an ₦13 appreciation from the ₦1,506/$ recorded on Wednesday.

The official exchange rate has been fluctuating in recent months, briefly touching the ₦1,400/$ mark in January and May 2024. However, the Naira’s recent gains have been linked to the CBN’s new Foreign Exchange Code, introduced this week to regulate and stabilize the forex market.

Similarly, in the parallel market, the Naira also appreciated to ₦1,620/$, improving from ₦1,630/$ recorded on Wednesday. This widened the gap between the official and black-market rates to ₦127/$, up from ₦124/$ the previous day.

Economic analysts believe that continued CBN interventions and policy measures could further stabilize the exchange rate in the coming weeks.