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The Nigerian Naira gained strength on Friday in the official market, trading at N1,536.82 to a dollar, marking a slight recovery from its previous decline. According to data from the Central Bank of Nigeria’s website, the naira appreciated by N1.84, a 0.11 percent increase compared to the N1,538.66 per dollar recorded on Thursday.

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This gain followed four days of slight depreciation between Monday and Thursday, with the naira closing at N1,531.19 per dollar on Monday, March 24, N1,532.39 on Tuesday, and N1,537.62 on Wednesday. Market analysts attributed the Naira’s appreciation to increased dollar sales by the Central Bank of Nigeria and a decline in demand for the greenback

Despite these slight losses, the naira has remained relatively stable against the US dollar since December 2024, due to the Central Bank of Nigeria’s reforms promoting transparency in the foreign exchange market. The CBN’s efforts have helped to boost investor confidence and stabilise the currency.

The apex bank’s intervention in the foreign exchange market has also helped to reduce the gap between the official and parallel market exchange rates. This development has contributed to the naira’s stability, making it more attractive to foreign investors.

As the Nigerian economy continues to recover from the COVID-19 pandemic, the Central Bank of Nigeria’s policies have played a crucial role in maintaining economic stability. The bank’s commitment to promoting transparency and stability in the foreign exchange market is expected to continue supporting the Naira’s value in the coming months

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