Naira appreciates to N1,315/$ at official market, strongest since EFEMS introduction
By Aboki Forex —
The naira appreciated to N1,315 against the dollar on Thursday at the official section of the foreign exchange market. Data from the Nigerian Foreign Exchange Market showed the currency gained 0.84 percent from N1,326 per dollar recorded on September 2.
Best level since April 2024
Thursday's rate takes the exchange rate back to the N1,300 level for the first time since April 2024. It is also the strongest performance since the Central Bank of Nigeria introduced the electronic foreign exchange matching system (EFEMS).
Parallel market also gains
At the parallel market, the naira appreciated to N1,400 per dollar on Friday, from N1,410 per dollar on Thursday. The improvement across both official and parallel windows comes as external reserves hover at their highest level in more than 17 years.
Reserves rise year-to-date
As of Thursday, Nigeria's foreign exchange reserves stood at $54.08 billion, according to the Central Bank of Nigeria. That compares with $45.56 billion recorded on January 2, representing a rise of $8.51 billion or 18.69 percent year-to-date.