The Naira continued its upward trend on Monday, appreciating further at the official foreign exchange market to trade at N1,452.79 per dollar.
Data from the Central Bank of Nigeria (CBN) showed the local currency gained N5.16 compared with Friday’s rate of N1,457.95, marking a 0.35 percent rise and extending the positive momentum recorded last week.
The Association of Bureau De Change Operators of Nigeria (ABCON) praised the Naira’s month-long appreciation across both official and parallel markets.
ABCON President Dr. Aminu Gwadabe told the News Agency of Nigeria (NAN) in Lagos that several factors had driven the gains, including Nigeria’s removal from the Financial Action Task Force (FATF) grey list, increased oil revenues, higher foreign reserves, and growing diaspora remittances.
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Gwadabe highlighted that the Naira also strengthened by N10.00 against the dollar in the parallel market on Monday, attributing the improvement to heightened investor confidence and rising foreign investments.
He further noted that ongoing reforms and effective information sharing among security agencies had helped trace proceeds of crime, contributing to Nigeria’s exit from the FATF grey list.
Additionally, the CBN’s efforts to boost foreign reserves to about $42.26 billion provided a solid buffer for the currency.
“The sustained stability has reduced speculation. Speculators’ activities have been rendered ineffective in the market,” Gwadabe said.
