The naira posted its strongest gain in two years on Thursday, closing at N1,315 to the dollar at the official market.
Data from the Nigerian Foreign Exchange Market, NFEM, showed the currency strengthened by 0.84% compared to N1,326/$ recorded on September 2. It is the first time since April 2024 that the official rate has dipped below N1,320.
The rally also marks the naira’s best performance since the Central Bank of Nigeria introduced the Electronic Foreign Exchange Matching System, EFEMS.
The gains extended to the parallel market. On Friday, street traders quoted the dollar at N1,400, down from N1,410 on Thursday.
Analysts linked the surge to rising external buffers. CBN data put Nigeria’s foreign reserves at $54.08 billion as of Thursday. That is up from $45.56 billion on January 2, representing an 18.69% or $8.51 billion increase year-to-date. It is also the highest reserve level in more than 17 years.
The twin appreciation across both official and parallel windows comes as the CBN continues efforts to stabilize liquidity and boost transparency in FX trading.
