Business
Naira Strengthens Against Dollar at Official Market
The Naira gained 0.7% against the US Dollar at the official market on Tuesday, trading at N1,522.68 per dollar, according to data from the FMDQ Securities Exchange. This marked a N10.95 increase compared to Monday’s rate of N1,533.63 per dollar.
The Investors and Exporters (I&E) Forex window saw a high of N1,536.50 and a low of N1,521.50 during Tuesday’s trading session.
The Naira has maintained relative stability against the Dollar since December 2024, following the introduction of the Electronic Foreign Exchange Matching System (EFEMS) by the Central Bank of Nigeria (CBN). Further interventions and reforms by the CBN in January 2025 have bolstered the local currency’s position.
Analysts at the 2025 Nigerian Economic Summit Group (NESG) Economic Outlook have stated that a stable exchange rate will help reduce inflation and support the country’s GDP growth.