The Nigerian Naira extended its gains against the U.S. Dollar on Wednesday, appreciating by 0.21% to close at N1,596.70 per dollar at the official market, according to data from the Central Bank of Nigeria (CBN).
This marks a continued strengthening of the local currency, following a 0.02% gain on Tuesday.
Analysts attribute the Naira’s recent performance to improved foreign exchange liquidity and sustained interventions by the CBN.
The appreciation comes a day after the CBN, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), launched the Non-Resident Diaspora Bank Verification Number (NRBVN).
The NRBVN initiative aims to strengthen financial connections between Nigeria and its diaspora community, with the goal of boosting foreign exchange inflows into the country.
CBN Governor Olayemi Cardoso reiterated the bank’s target of attracting $1 billion in monthly diaspora remittances, emphasizing the importance of adhering to the FX Code and regulatory directives to ensure market stability and build confidence among stakeholders.
The naira has also traded within a relatively narrow range, hovering between N1,600 and N1,625 per dollar in the black market.
These developments highlight the CBN’s multifaceted approach to addressing foreign exchange challenges and leveraging diaspora resources to support the Nigerian economy.
