The Nigerian naira extended its appreciation at the official foreign exchange window on Thursday, gaining N12.50 against the United States dollar.
Data published by the Central Bank of Nigeria (CBN) showed the local currency closed at N1,359.31/$1, compared to N1,371.82/$1 recorded on Wednesday.
The latest movement represents a 0.9 per cent appreciation, reinforcing a gradual recovery trend observed in recent trading sessions at the official market.
Market analysts attribute the sustained stability of the naira to ongoing reforms by the Central Bank of Nigeria, including improved foreign exchange liquidity, tighter monetary policy measures, and efforts to unify exchange rate windows.
The relative stability has also been supported by increased market confidence and inflows from both domestic and foreign participants, although pressures remain in the parallel market segment.
Despite the gains, stakeholders note that sustaining the currency’s upward trajectory will depend on consistent policy implementation, enhanced dollar supply, and broader macroeconomic stability.
