The Naira gained strength, closing at ₦1,455.23 per dollar on the official foreign exchange market, marking a 1.36% improvement from ₦1,475.34 on September 30.
This is the first time since May 2024 that the exchange rate has dipped into the ₦1,400 range, highlighting the currency’s strongest performance so far this year.
The Central Bank of Nigeria’s (CBN) adoption of the electronic foreign exchange matching system (EFEMS) in December 2024 has played a key role in this improvement.
When EFEMS was launched, the naira was trading at ₦1,660 per dollar on the official market, making the current rate a significant gain.
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In the parallel market, the naira also appreciated, closing at ₦1,480 per dollar compared to ₦1,485 at the end of September. This marks the best parallel market rate recorded this year.
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President Bola Tinubu, in his Independence Day address on October 1, highlighted the currency’s regained stability after a turbulent period in 2023 and 2024.
He noted, “The naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows.”
Adding to the optimism, Abdul Samad Rabiu, chairman of BUA Group, forecasted on September 25 that the naira could strengthen further to between ₦1,300 and ₦1,400 per dollar by the end of the year.
