The Naira extended its positive performance at the official foreign exchange market on Monday, appreciating to N1,452.79 per dollar on improved market confidence.
Figures released by the Central Bank of Nigeria (CBN) showed the local currency strengthened by N5.16, compared to N1,457.95 recorded on Friday — representing a 0.35 per cent appreciation and continuing last week’s upward trend.
The Association of Bureau De Change Operators of Nigeria (ABCON) described the month-long FX recovery as a signal of stronger fundamentals and improved liquidity.
ABCON President, Dr Aminu Gwadabe, told the News Agency of Nigeria (NAN) in Lagos that key factors — including Nigeria’s removal from the Financial Action Task Force (FATF) grey list, higher oil revenue, rising foreign reserves and robust diaspora remittances — have supported the currency’s rebound.
He noted that the Naira appreciated by N10.00 at the parallel market following the announcement of Nigeria’s exit from the FATF monitoring list, saying the development has boosted investor sentiment and renewed foreign interest in the economy.
Gwadabe further attributed the FX stability to ongoing market reforms and enhanced intelligence sharing among security agencies, which helped curb illicit financial flows and ensure compliance standards needed to clear Nigeria from the list.
The ABCON boss also pointed to the CBN’s strengthened reserve position, currently around $42.26 billion, which he said has provided a firmer buffer for the local currency and discouraged speculative attacks.
“The sustained stability has reduced speculation. Speculators’ activities have been rendered ineffective in the market,” he said.
Analysts believe that maintaining policy consistency and strengthening FX inflows will be critical to sustaining the gains recorded so far.
