Naira Strengthens As Exchange Rate Improves To ₦1,369 Per Dollar

Naira Strengthens as Exchange Rate Improves to ₦1,369 Per Dollar

The Naira recorded a marginal appreciation against the United States dollar on Thursday, strengthening in the foreign exchange market as improved supply dynamics and market adjustments supported the local currency. According to data from the Central Bank of Nigeria CBN, the indicative exchange rate fell to ₦1,369 per dollar, compared to ₦1,376 per dollar recorded on Tuesday, reflecting a modest gain for the domestic currency. Figures from the apex bank indicate that the Naira’s movement signals continued short-term stability in the official exchange rate window, even as broader foreign exchange pressures persist. The latest gain suggests a gradual easing in demand pressure for dollars, supported by ongoing interventions and policy adjustments aimed at improving liquidity in the market. Despite the latest appreciation, analysts note that the Naira remains vulnerable to fluctuations driven by external and internal economic factors, including import demand, foreign reserves levels, and global oil price movements. Market participants continue to monitor liquidity conditions closely, as sporadic volatility has remained a key feature of Nigeria’s foreign exchange environment. The Central Bank of Nigeria has in recent months introduced measures aimed at stabilising the exchange rate, improving transparency in forex allocation, and reducing speculative activity in the market. These efforts are part of broader reforms designed to unify exchange rate windows and enhance investor confidence in Nigeria’s financial system. While the latest movement offers modest relief, economists caution that sustained stability will depend on stronger forex inflows, improved export earnings, and consistent policy implementation. For now, the Naira’s slight appreciation to ₦1,369 per dollar is being viewed as a positive but fragile step in an otherwise volatile currency landscape.