Nigerian Naira Strengthens Against US Dollar in Official and Black Markets

The Nigerian Naira strengthened against the US Dollar in both the official and black markets, with the exchange rate showing marked improvement. The official exchange rate closed at 1 US Dollar to Naira, representing a gain.

The Naira also appreciated against the Pound Sterling and Euro. In the parallel market, the Naira gained marginally to close the week strong.

This positive movement was attributed to rising dollar supply, increased foreign exchange inflow, remittances, and export earnings. The stability of the Naira was also supported by the participation of authorized dealers.

The Nigerian Gross Foreign Exchange Reserves rose for the eleventh consecutive week, reaching billions. The Central Bank of Nigeria's Monetary Policy Committee members noted that the recent stability of the Naira reflects an improved outlook.