CBN Releases Official Exchange Rates as Naira Appreciates Against Major Currencies

The Central Bank of Nigeria (CBN) has announced the official exchange rates as the Naira continues to appreciate against major currencies in the foreign exchange market. The Naira strengthened due to a $50 million injection by the CBN, with the Naira closing at N419.66 per dollar on Monday, an improvement from N421.46 the previous day.

The Naira also gained ground against the Pound Sterling and the Euro. Market analysts attribute the currency's recovery to proper CBN support and stronger external inflows from foreign portfolio investors.

Nigeria's external reserves have seen a significant increase, reaching $45.24 billion in December, up from $40.85 billion in 2024. This growth in reserves has sparked optimism and strengthened the country's foreign exchange position.

The CBN data indicates a 10.75% increase in reserves, supporting higher export earnings and steady remittances abroad. The Naira's stability against the dollar in the parallel market and the record rate of N431.1 further indicate positive developments in Nigeria's economy.