Naira appreciated to N1,315 per dollar at Nigeria’s official foreign exchange market on Thursday, strengthening by 0.84 percent from N1,326/$ recorded on September 2.
Gatekeepers News reports that data from Nigerian Foreign Exchange Market (NFEM), the country’s official FX market, showed that the latest rate represents the naira’s strongest performance since the Central Bank of Nigeria introduced the Electronic Foreign Exchange Matching System (EFEMS).
The last time the naira traded around the N1,300/$ level was in April 2024.
The currency also strengthened at the parallel market, appreciating to N1,400/$ on Friday from N1,410/$ recorded on Thursday.
The recent gains have come amid rising external reserves, which climbed to $54.08 billion as of September 3, the highest level in more than 17 years.
