The Naira strengthened against the Dollar at the official market on Monday, trading at N1,497.11/$1, as the Central Bank of Nigeria (CBN) sustained its foreign exchange (FX) reforms.
According to data from the CBN website, the local currency gained N3.62, marking a 0.24% appreciation from its closing rate of N1,500.73/$1 on Friday, Feb. 21.
The Naira has remained relatively stable since December 2024, following CBN’s continued measures to enhance transparency and liquidity in the FX market.
Financial experts have praised the apex bank’s interventions, with Bismarck Rewane, CEO of Financial Derivatives Company Ltd., highlighting the $8 billion spent to support the currency.
Speaking in media interviews on Friday and Monday, Rewane described the interventions as necessary and consistent with CBN’s mandate.
