The Naira continued its upward trend on Thursday, closing at ₦1,553.11 per dollar in the official foreign exchange market. According to data released by the Central Bank of Nigeria (CBN), this marks a gain of ₦12.35 compared to Wednesday’s rate of ₦1,565.46—representing a 0.79% appreciation.
This recent movement reflects a broader pattern of gradual strengthening, with the Naira previously trading at ₦1,579.27 on Tuesday and ₦1,581.58 on Monday. It also opened the week on a positive note, posting a ₦4.56 gain from the previous week’s close.
Analysts suggest that recent policy reforms and tighter oversight of the foreign exchange market have contributed to the improved sentiment. Notably, the recapitalisation process for Bureau De Change (BDC) operators commenced on June 3, a move believed to be reinforcing stability and transparency in the forex space.
Market watchers continue to monitor the Naira’s trajectory amid broader macroeconomic shifts, including efforts by the federal government to attract foreign investment and stabilize inflation.
