Good News! Naira Closes Week Stronger

According to financial market data monitored by Ireporter Online, the local currency settled at N1,380.18 per dollar on Friday, improving from Thursday’s closing rate of N1,381.52 per dollar. The latest movement represents a gain of N1.34, equivalent to a 0.09 per cent appreciation, reflecting continued stability in the official foreign exchange market despite minor fluctuations recorded during the week.

The improved performance comes amid the CBN’s ongoing foreign exchange reforms aimed at increasing market transparency, boosting liquidity and restoring confidence in Nigeria’s currency market.

Speaking during a fireside chat at the 14th Annual BusinessDay CEO Forum in Lagos, CBN Governor Olayemi Cardoso said the reforms have successfully restored stability and transparency to the foreign exchange market after years of distortions.

Cardoso explained that the elimination of multiple exchange rate windows has created a more transparent, competitive and efficient market, making it easier for businesses and individuals to access foreign exchange through a market-driven system that supports economic growth.

He also noted that the return of international usability for naira payment cards reflects renewed confidence in Nigeria’s financial system and the country’s foreign exchange framework.

The CBN governor further stated that the narrowing gap between exchange rates and the steady rise in the nation’s external reserves demonstrate that the reforms are producing measurable and sustainable outcomes.

According to Cardoso, Nigeria’s net foreign reserves have grown significantly from approximately $3.7 billion when the current CBN leadership assumed office to over $40 billion, while the country’s gross external reserves have increased to around $52 billion, providing enough buffer to cover about 10 months of imports.