Naira Gains As CBN Sustains FX Reforms

The Naira, which also closed the previous week bullish, opened the new week with a gain of N4.56.

The 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.

This marks a 0.24 per cent increase compared to Friday, February 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.

Related posts

FIRS Directs Opening Of Tax Offices On Weekends

Tinubu To Visit Benue Over Crisis

Lassa Fever: Nigeria Report Rising Deaths Despite Govt Efforts