The naira has strengthened to N1,329 per dollar, its best in over two years, indicating that the country’s foreign exchange market continues to strengthen.
According to data from the Central Bank of Nigeria, the currency rose by N6.50 from N1,335.50/$ posted on Monday, a 0.49 percent increase.
Tuesday’s closing rate is the strongest recorded since May 29, 2024, when the naira closed at N1,329.65/$.
The News Chronicle reports that the latest gain extends the naira’s recovery since mid-August. The rate at which it closed on Tuesday is the highest level since May 29, 2024, when it closed at N1,329.65/$.
The currency gained by N29.25 from N1,358.25/$ on August 14 to N1,329/$ on September 1, representing a 2.15 percent improvement.
The naira was traded between N1,327 and N1,335.50/$ during Tuesday’s session, while the weighted average rate stood at N1,329.43. Foreign exchange turnover reached $139.45 million.
The improvement in the currency comes as external reserves grew to $53.8 billion by August 31, up from $45.57 billion at the beginning of the year.
The growing reserve buffer is poised to give the CBN more room to support its foreign exchange operations and increase confidence in the naira as the market stabilizes.
