Naira Gains As CBN Sustains FX Reforms

Naira gains as CBN sustains FX reforms

Naira appreciated further at the official market on Monday, trading at N1,497.11 against the Dollar.

Data from the Central Bank of Nigeria (CBN) website showed that the Naira gained N3.62.

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This marks a 0.24 per cent increase compared to Friday, Feb. 21, when the local currency closed at N1,500.73 to the Dollar.

The Naira has remained relatively stable against the US Dollar since December 2024, following CBN’s sustained reforms aimed at ensuring transparency in the Foreign Exchange (FX) market.

Analysts have continued to commend the CBN’s sweeping reforms to support the local currency.

Bismarck Rewane, financial expert and CEO of Financial Derivatives Company Ltd., also praised CBN’s efforts in media appearances on Friday and Monday.

He stated that the apex bank spent $8 billion to defend the Naira, insisting the interventions were necessary and aligned with the bank’s mandate. (NAN)

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