Nigeria's Naira Reaches New Strength Against Dollar Amid Improved Reserves

The Nigerian naira strengthened to N1,320.5574 per US dollar at the NFEM window, according to updated FX data released by the Central Bank of Nigeria (CBN).

This represents a slight rise from N1321.2160 quoted on Friday and reflects improved FX liquidity.

The spot FX rate hovered between N1318.5000 and N1322.5000 per dollar at the official window, with the local currency appreciating by 0.97% over the five days at NFEM.

In the parallel market, the naira also strengthened, closing at around N1,400/US$1 on Thursday, from N1,390/US$1 previously, widening the premium over the NFEM rate to N68.78/US$1.

The recent naira strength appears to have occurred alongside lower trading activity rather than a broad-based increase in market turnover.