On Tuesday, the Naira made a notable comeback at the official market, trading at N1,522.68 to the Dollar, as reported by the FMDQ Securities Exchange.
This marked a 0.7 per cent rise from Monday’s closing figure of N1,533.63 to the Dollar.
The Investors and Exporters (I&E) Forex window showcased volatility, recording a high of N1,536.50 and a low of N1,521.50 on the same day.
Since December 2024, the Naira has experienced relative stability against the US Dollar, largely attributed to the Central Bank of Nigeria’s (CBN) introduction of the Electronic Foreign Exchange Matching System (EFEMS).
Following this, the CBN implemented further reforms in January 2025, providing a solid foundation for the local currency.
During the 2025 Economic Outlook at the Nigerian Economic Summit Group (NESG), analysts expressed optimism that a stabilised exchange rate could lower inflation and significantly boost the nation’s GDP.
