Naira hits N1,521/$ at official market — strongest performance in 7 weeks

The naira appreciated to N1,521.45 per dollar at the official section of the foreign exchange (FX) market on Wednesday.

Data from the Nigerian Foreign Exchange Market (NFEM) shows the currency gained 0.3 percent from N1,526.05/$ recorded on September 2.

The latest record marks the naira’s strongest performance since July 14, when it exchanged at N1,518.88 per dollar, according to data from the Central Bank of Nigeria (CBN).

The currency has been relatively stable at the official market in September.

From September 1 to September 3, the local currency appreciated steadily against the greenback.

On September 1, the naira strengthened to N1,526.09/$, and then to N1,526 on September 2.

At the parallel section of the market, the naira appreciated to N1,545 per dollar, holding steady at N1,540 between September 2 and September 3.

Speaking to TheCable, Ayokunle Olubunmi, the head of financial institutions ratings at Agusto & Co., said the development is an offshoot of the various FX reforms of the CBN.

“The positive performance of the economy and the high yield environment that has attracted FPIs have also supported the strengthening FX rate,” he said.

“Barring any unforseen circumstance, the stability should persist.”

Olubunmi added that the depreciating dollar at the global market has also supported Nigeria’s FX rate.