Naira at N1490/$ at Black Market, CBN Releases Official Rates Showing Currency Gains

The Nigerian Naira is trading at N1490/$ at the black market, with the Central Bank of Nigeria (CBN) releasing official exchange rates. The currency has shown gains against major currencies, with the local currency strengthening.

The FX market experienced improvements with higher capital inflow and sustained remittances, contributing to a broad-based economic recovery. The current account surplus has reached an eight-year high of $46.01 billion as of January 22, 2025.

The CBN adjusted the US dollar clearing rate, reflecting the Naira's recent performance. Guaranty Trust Bank (GTBank) closed its forex desk for trade in the Nigerian foreign exchange market.

The nation's economy is on an upward trajectory, supported by improved FX market efficiency.