Naira Gains N224 as GTBank, UBA Slash Dollar Rates, Reaches Strongest Level Since EFEMS Launch

The Nigerian Naira has gained significantly against the US Dollar, with GTBank and UBA slashing their rates, leading to the Naira's strongest performance since the introduction of the EFEMS. The Central Bank of Nigeria (CBN) has attributed the Naira's appreciation to ongoing foreign exchange reforms and tighter regulations to curb speculative activities.

Mohammad Sani Abdullahi, the CBN's Deputy Governor for Economic Policy, highlighted these efforts during the IMF and World Bank annual meetings in Washington D.C. Commercial banks have adjusted their exchange rates, reflecting the Naira's improved strength in the market.