Naira Gains N11.17 Against Dollar: Stability Supported by CBN Reforms

Naira gains N11.17 against the dollar, further strengthening the local currency in the official market. The naira closed at N1,474.78 to the dollar on Friday, marking a notable 0.7% increase from Thursday’s rate of N1,485.95. This uptick comes as the Central Bank of Nigeria (CBN) continues to implement reforms that have bolstered the currency’s stability since December 2024.

The data, provided by the FMDQ Securities Exchange official forex trading platform, shows that on Friday, the naira experienced trading highs of N1,495.01 and lows of N1,447.50 in the Investors and Exporters (I&E) Forex window. This level of performance is reflective of the gradual improvements that have been driven by ongoing monetary policies.

As of now, the naira’s positive momentum is attributed to sustained efforts by the Central Bank of Nigeria. The reforms, which have focused on increasing transparency in the foreign exchange market, are also attracting more foreign investments into Nigeria, helping stabilize the currency further.

At the 2025 Monetary Policy Forum held on Thursday in Abuja, CBN Governor Olayemi Cardoso addressed the current state of the currency. He reassured the public that the bank’s efforts to secure continued foreign exchange inflows are ongoing. According to Cardoso, these measures will continue to support the naira’s exchange rate stability and strengthen investor confidence in Nigeria’s economic future.

With these developments, the naira is on track to maintain a relatively stable position against the US dollar as the year progresses, helping Nigeria weather global economic challenges while promoting confidence in its financial system.

Stay tuned for more updates on the naira-dollar exchange rate and other significant economic developments.