Naira Strengthens Against Dollar as CBN Reports Gains

On September 30, the Nigerian naira strengthened against the dollar, closing at N1,329.16/$1, an appreciation of N1.31 or 0.09% from the previous day. However, it weakened against the euro and the pound, closing at N1,510.06/€1 and N1,766.59/£1, respectively.

At the parallel market, the naira remained stable at N1,370/$1, while GTBank's foreign exchange desk reported a steady rate of N1,338/$1. Trading activity surged, with market turnover increasing by 122.9% to $179.577 million from $80.582 million, and the number of deals executed rising from 37 to 94.

This increase in liquidity is attributed to stronger external reserve levels, which reached about $54.6 billion in mid-September, the highest in over 18 years. The Central Bank of Nigeria (CBN) has implemented reforms that have significantly improved Nigeria's net external reserves, which were only $859 million when the current administration took office in 2023.

Muhammad Abdullahi, Deputy Governor of Corporate Services at the CBN, shared these figures at the 38th Seminar of Finance Correspondents and Editors in Abuja.