Naira appreciated to N1,506.08 per dollar at the official foreign exchange (FX) market on Tuesday, its highest level since March 5, when it traded at N1,500.8.
Gatekeepers News reports that figures from the Nigeria Foreign Exchange Market (NFEM), which manages official FX transactions, showed the local currency strengthened by 0.05 percent compared to Monday’s rate of N1,506.84/$.
On September 3, naira had rised to N1,521.45 per dollar at the official window. In the parallel market, the exchange rate remained steady at N1,525/$ on Tuesday.
The latest performance is linked to ongoing government reforms, including the floating of the naira and subsidy removal, which are aimed at restoring stability in the economy.
