The Nigerian currency showed some strength in the Nigerian foreign exchange market.
The Nigerian naira strengthened to N1,428 against the U.S dollar on the official Nigerian Foreign Exchange Market, the CBN’s trading window for foreign currencies.
CBN data show the rate improved from N1,423 on Wednesday, a modest gain of N5.
However, on the black market, the Nigerian currency declined to N1,503/$ on Wednesday after closing at N1,480/$ on Thursday. a modest gain of N13.
What you should know
The CBN is finalising a revised foreign exchange (FX) manual to deepen participation and improve transparency in the FX market.
In January 2025, the CBN introduced the Nigerian Foreign Exchange (FX) Code to foster ethical conduct among market participants.
The CBN’s 2026 Macroeconomic Outlook projects external reserves to reach $51.04 billion, driven by improved oil revenues, FX reforms, and stronger inflows.
