Naira Gains Strength Against Dollar As FX Rate Improves

The Naira gained some value against the dollar in the foreign exchange market, starting the week on a positive note.

A Bureau De Change operator, Abubakar Alhassan, confirmed that the dollar-to-Naira exchange rate closed at ₦1,730 on Monday, maintaining the same rate from Friday. This showed an improvement compared to last week when it closed at ₦1,735 per dollar.

Over the weekend, the Central Bank of Nigeria (CBN) announced plans to introduce an electronic foreign exchange (FX) matching system to stabilize the Naira’s value.

During the 59th annual bankers’ dinner organized by the Chartered Institute of Bankers, CBN Governor Olayemi Cardoso stated, “To further enhance the functionality of the foreign exchange market, we are introducing an electronic FX matching system, which has proven effective in other markets.”

Despite past efforts by the CBN, fluctuations in the foreign exchange market have persisted for months, creating challenges in stabilizing the Naira.

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