Naira Gains Strength, Closes at N1,599/$1 at Official Market

Naija247News reports that the Nigerian Naira appreciated against the United States Dollar on Monday, closing at N1,599/$1 at the official foreign exchange market, marking a notable improvement in the currency’s performance amid recent monetary tightening measures by the Central Bank of Nigeria (CBN).

Naija247news gathered that the appreciation followed increased dollar supply in the Nigerian Autonomous Foreign Exchange Market (NAFEM), with traders noting improved liquidity conditions as a key factor in the Naira’s rebound.

According to Naija247news, the exchange rate stood stronger compared to last week’s close of N1,610/$1, reflecting renewed investor confidence and stronger regulatory oversight by the apex bank. Market analysts attributed the gains to CBN’s aggressive interventions and recent foreign inflows into the economy.

Naija247news understands that the Central Bank has recently ramped up efforts to stabilize the naira by clearing forex backlogs, tightening monetary policy, and enforcing compliance among Bureau De Change operators and commercial banks. These efforts, observers say, have begun yielding measurable results, though volatility remains a concern.

Naija247news reports that the sustained interventions by the CBN, along with higher crude oil prices and stronger diaspora remittances, have contributed to a healthier forex reserve, providing much-needed support for the Naira’s appreciation.

Naija247news gathered that investors have started showing renewed interest in Nigerian assets, following the apex bank’s transparency in exchange rate reporting and reforms aimed at unifying the forex market. The recent rate movement has also bolstered market sentiments around inflation management and import pricing.

According to Naija247news, financial experts are cautiously optimistic that if current policies are maintained and macroeconomic fundamentals continue to improve, the naira could stabilize further in the coming months. However, they warn that sustained progress will depend heavily on the government’s ability to maintain discipline in fiscal spending and expand non-oil exports.

Naija247news understands that the CBN is also expected to continue monitoring the forex market closely while engaging stakeholders to ensure that speculative trading and arbitrage practices are minimized.

Naija247news reports that Monday’s trading session marks one of the best weekly openings for the naira in recent months, injecting fresh hope into the foreign exchange market and broader economic outlook.