Nigerian Naira Posts Significant Gains Against Major Currencies

The Nigerian Naira has continued its strong performance this year, appreciating against major currencies in various markets. On Friday, September 3, it gained 0.83 per cent against the US Dollar to close at N1,315.67/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM), compared to the previous day's rate of N1,326.69/$1.

The Naira also improved its exchange rate against the Pound Sterling and Euro in the official market, selling for N1,778.66/£1 and N1,529.59/€1 respectively, versus midweek values of N1,791.16/£1 and N1,538.43/€1.

This significant turnaround is attributed to increased foreign-exchange liquidity, tighter monetary policy, and measures by the Central Bank of Nigeria (CBN) aimed at improving the functioning of the FX market.